WEBVTT Kind: captions Language: en 00:00:05.130 --> 00:00:08.059 align:start position:0% it's<00:00:06.090> now<00:00:06.240> day<00:00:06.450> four<00:00:06.750> of<00:00:07.020> a<00:00:07.470> very<00:00:07.680> very<00:00:07.830> long 00:00:08.059 --> 00:00:08.069 align:start position:0% it's now day four of a very very long 00:00:08.069 --> 00:00:10.370 align:start position:0% it's now day four of a very very long Def<00:00:08.280> Con<00:00:08.520> and<00:00:08.550> of<00:00:08.820> course<00:00:09.030> it's<00:00:09.210> 9:05<00:00:09.540> a.m.<00:00:09.900> so 00:00:10.370 --> 00:00:10.380 align:start position:0% Def Con and of course it's 9:05 a.m. so 00:00:10.380 --> 00:00:12.680 align:start position:0% Def Con and of course it's 9:05 a.m. so it's<00:00:11.010> great<00:00:11.190> to<00:00:11.220> see<00:00:11.340> that<00:00:11.700> some<00:00:12.270> people<00:00:12.360> are 00:00:12.680 --> 00:00:12.690 align:start position:0% it's great to see that some people are 00:00:12.690 --> 00:00:18.109 align:start position:0% it's great to see that some people are still<00:00:12.870> alive<00:00:13.350> and<00:00:13.530> well<00:00:13.680> thank<00:00:14.309> you<00:00:17.000> so<00:00:18.000> over 00:00:18.109 --> 00:00:18.119 align:start position:0% still alive and well thank you so over 00:00:18.119 --> 00:00:19.430 align:start position:0% still alive and well thank you so over the<00:00:18.210> last<00:00:18.300> three<00:00:18.539> three<00:00:18.930> and<00:00:19.020> a<00:00:19.080> half<00:00:19.170> years 00:00:19.430 --> 00:00:19.440 align:start position:0% the last three three and a half years 00:00:19.440 --> 00:00:20.779 align:start position:0% the last three three and a half years that<00:00:19.560> I've<00:00:19.650> been<00:00:19.830> in<00:00:19.950> the<00:00:20.010> ecosystem<00:00:20.550> you<00:00:20.700> know 00:00:20.779 --> 00:00:20.789 align:start position:0% that I've been in the ecosystem you know 00:00:20.789 --> 00:00:22.429 align:start position:0% that I've been in the ecosystem you know I've<00:00:20.940> seen<00:00:21.119> this<00:00:21.449> really<00:00:21.750> wonderful<00:00:21.929> group<00:00:22.349> of 00:00:22.429 --> 00:00:22.439 align:start position:0% I've seen this really wonderful group of 00:00:22.439 --> 00:00:24.230 align:start position:0% I've seen this really wonderful group of technologists<00:00:23.070> solving<00:00:23.460> some<00:00:23.789> really<00:00:24.150> really 00:00:24.230 --> 00:00:24.240 align:start position:0% technologists solving some really really 00:00:24.240 --> 00:00:26.359 align:start position:0% technologists solving some really really challenging<00:00:24.480> problems<00:00:25.170> in<00:00:25.380> distributed 00:00:26.359 --> 00:00:26.369 align:start position:0% challenging problems in distributed 00:00:26.369 --> 00:00:28.220 align:start position:0% challenging problems in distributed computing<00:00:26.789> really<00:00:27.509> with<00:00:27.720> the<00:00:27.810> goal<00:00:28.019> of 00:00:28.220 --> 00:00:28.230 align:start position:0% computing really with the goal of 00:00:28.230 --> 00:00:29.870 align:start position:0% computing really with the goal of helping<00:00:28.410> people<00:00:28.619> transact<00:00:29.160> together<00:00:29.519> and 00:00:29.870 --> 00:00:29.880 align:start position:0% helping people transact together and 00:00:29.880 --> 00:00:32.030 align:start position:0% helping people transact together and self<00:00:30.119> organize<00:00:30.509> to<00:00:31.259> help<00:00:31.470> them<00:00:31.619> about<00:00:31.859> this 00:00:32.030 --> 00:00:32.040 align:start position:0% self organize to help them about this 00:00:32.040 --> 00:00:34.270 align:start position:0% self organize to help them about this you<00:00:32.340> know<00:00:32.460> this<00:00:32.580> new<00:00:32.790> age<00:00:32.970> of<00:00:33.180> the<00:00:33.630> internet 00:00:34.270 --> 00:00:34.280 align:start position:0% you know this new age of the internet 00:00:34.280 --> 00:00:36.920 align:start position:0% you know this new age of the internet however<00:00:35.280> in<00:00:36.030> the<00:00:36.120> process<00:00:36.270> I<00:00:36.630> think<00:00:36.690> we've 00:00:36.920 --> 00:00:36.930 align:start position:0% however in the process I think we've 00:00:36.930 --> 00:00:38.299 align:start position:0% however in the process I think we've kind<00:00:37.110> of<00:00:37.200> gotten<00:00:37.440> lost<00:00:37.649> a<00:00:37.800> little<00:00:37.920> bit<00:00:38.129> we've 00:00:38.299 --> 00:00:38.309 align:start position:0% kind of gotten lost a little bit we've 00:00:38.309 --> 00:00:40.130 align:start position:0% kind of gotten lost a little bit we've focused<00:00:39.059> so<00:00:39.180> much<00:00:39.239> on<00:00:39.450> the<00:00:39.600> technology<00:00:39.719> that 00:00:40.130 --> 00:00:40.140 align:start position:0% focused so much on the technology that 00:00:40.140 --> 00:00:41.630 align:start position:0% focused so much on the technology that we're<00:00:40.350> building<00:00:40.379> that<00:00:40.920> you<00:00:41.250> know<00:00:41.340> we<00:00:41.430> stopped 00:00:41.630 --> 00:00:41.640 align:start position:0% we're building that you know we stopped 00:00:41.640 --> 00:00:43.340 align:start position:0% we're building that you know we stopped starting<00:00:42.090> to<00:00:42.149> think<00:00:42.300> about<00:00:42.390> who<00:00:43.050> are<00:00:43.320> we 00:00:43.340 --> 00:00:43.350 align:start position:0% starting to think about who are we 00:00:43.350 --> 00:00:45.200 align:start position:0% starting to think about who are we solving<00:00:43.890> whose<00:00:44.520> problems<00:00:44.850> are<00:00:44.969> we<00:00:45.059> really 00:00:45.200 --> 00:00:45.210 align:start position:0% solving whose problems are we really 00:00:45.210 --> 00:00:48.830 align:start position:0% solving whose problems are we really solving<00:00:45.899> to<00:00:45.989> begin<00:00:46.199> with<00:00:47.239> most<00:00:48.239> importantly<00:00:48.629> I 00:00:48.830 --> 00:00:48.840 align:start position:0% solving to begin with most importantly I 00:00:48.840 --> 00:00:51.470 align:start position:0% solving to begin with most importantly I think<00:00:49.170> we've<00:00:49.710> forgotten<00:00:50.579> that<00:00:50.910> the<00:00:51.090> software 00:00:51.470 --> 00:00:51.480 align:start position:0% think we've forgotten that the software 00:00:51.480 --> 00:00:52.970 align:start position:0% think we've forgotten that the software alone<00:00:51.750> the<00:00:52.140> hard<00:00:52.350> protocols 00:00:52.970 --> 00:00:52.980 align:start position:0% alone the hard protocols 00:00:52.980 --> 00:00:55.910 align:start position:0% alone the hard protocols aren't<00:00:53.609> enough<00:00:54.170> what<00:00:55.170> matters<00:00:55.440> at<00:00:55.590> least<00:00:55.770> as 00:00:55.910 --> 00:00:55.920 align:start position:0% aren't enough what matters at least as 00:00:55.920 --> 00:00:57.950 align:start position:0% aren't enough what matters at least as much<00:00:56.070> is<00:00:56.399> human<00:00:56.760> behavior<00:00:57.120> the<00:00:57.719> soft 00:00:57.950 --> 00:00:57.960 align:start position:0% much is human behavior the soft 00:00:57.960 --> 00:00:59.869 align:start position:0% much is human behavior the soft protocols<00:00:58.410> and<00:00:58.710> the<00:00:59.190> culture<00:00:59.489> that<00:00:59.609> shapes 00:00:59.869 --> 00:00:59.879 align:start position:0% protocols and the culture that shapes 00:00:59.879 --> 00:01:02.779 align:start position:0% protocols and the culture that shapes the<00:01:00.030> way<00:01:00.149> that<00:01:00.300> they<00:01:00.390> act<00:01:00.570> so<00:01:01.579> today<00:01:02.579> I'm<00:01:02.670> going 00:01:02.779 --> 00:01:02.789 align:start position:0% the way that they act so today I'm going 00:01:02.789 --> 00:01:03.830 align:start position:0% the way that they act so today I'm going to<00:01:02.850> share<00:01:03.000> a<00:01:03.059> thesis<00:01:03.269> that<00:01:03.600> I've<00:01:03.719> been 00:01:03.830 --> 00:01:03.840 align:start position:0% to share a thesis that I've been 00:01:03.840 --> 00:01:05.180 align:start position:0% to share a thesis that I've been developing<00:01:04.019> over<00:01:04.350> the<00:01:04.530> last<00:01:04.650> eight<00:01:04.890> months 00:01:05.180 --> 00:01:05.190 align:start position:0% developing over the last eight months 00:01:05.190 --> 00:01:07.370 align:start position:0% developing over the last eight months after<00:01:05.670> looking<00:01:06.360> what's<00:01:06.570> worked<00:01:06.870> what<00:01:07.230> hasn't 00:01:07.370 --> 00:01:07.380 align:start position:0% after looking what's worked what hasn't 00:01:07.380 --> 00:01:10.340 align:start position:0% after looking what's worked what hasn't in<00:01:07.890> Bitcoin<00:01:08.460> and<00:01:08.820> etherium<00:01:09.390> and<00:01:09.600> in<00:01:10.170> the 00:01:10.340 --> 00:01:10.350 align:start position:0% in Bitcoin and etherium and in the 00:01:10.350 --> 00:01:12.170 align:start position:0% in Bitcoin and etherium and in the plurality<00:01:10.770> of<00:01:11.369> coins<00:01:11.610> we<00:01:11.790> now<00:01:11.909> see 00:01:12.170 --> 00:01:12.180 align:start position:0% plurality of coins we now see 00:01:12.180 --> 00:01:15.140 align:start position:0% plurality of coins we now see around<00:01:12.390> us<00:01:12.570> in<00:01:12.810> our<00:01:12.960> ecosystem<00:01:13.880> I'm<00:01:14.880> going<00:01:15.090> to 00:01:15.140 --> 00:01:15.150 align:start position:0% around us in our ecosystem I'm going to 00:01:15.150 --> 00:01:16.429 align:start position:0% around us in our ecosystem I'm going to share<00:01:15.210> the<00:01:15.390> three<00:01:15.600> main<00:01:15.780> steps<00:01:16.110> that<00:01:16.320> I<00:01:16.350> think 00:01:16.429 --> 00:01:16.439 align:start position:0% share the three main steps that I think 00:01:16.439 --> 00:01:19.070 align:start position:0% share the three main steps that I think are<00:01:16.710> required<00:01:17.340> to<00:01:17.939> accomplish<00:01:18.210> successful 00:01:19.070 --> 00:01:19.080 align:start position:0% are required to accomplish successful 00:01:19.080 --> 00:01:21.740 align:start position:0% are required to accomplish successful tokenized<00:01:19.500> community<00:01:20.040> building<00:01:20.479> by<00:01:21.479> telling 00:01:21.740 --> 00:01:21.750 align:start position:0% tokenized community building by telling 00:01:21.750 --> 00:01:23.749 align:start position:0% tokenized community building by telling you<00:01:21.810> the<00:01:21.930> story<00:01:22.110> of<00:01:22.290> how<00:01:22.619> Bitcoin<00:01:22.860> became<00:01:23.369> this 00:01:23.749 --> 00:01:23.759 align:start position:0% you the story of how Bitcoin became this 00:01:23.759 --> 00:01:25.969 align:start position:0% you the story of how Bitcoin became this massive<00:01:24.030> massive<00:01:24.810> global<00:01:25.320> phenomenon<00:01:25.799> and<00:01:25.829> we 00:01:25.969 --> 00:01:25.979 align:start position:0% massive massive global phenomenon and we 00:01:25.979 --> 00:01:27.620 align:start position:0% massive massive global phenomenon and we now<00:01:26.070> see<00:01:26.100> around<00:01:26.460> us<00:01:26.670> that<00:01:26.909> isn't<00:01:27.479> really 00:01:27.620 --> 00:01:27.630 align:start position:0% now see around us that isn't really 00:01:27.630 --> 00:01:30.260 align:start position:0% now see around us that isn't really going<00:01:27.869> anywhere<00:01:28.369> if<00:01:29.369> you<00:01:29.460> can<00:01:29.670> build<00:01:29.759> a<00:01:29.909> token 00:01:30.260 --> 00:01:30.270 align:start position:0% going anywhere if you can build a token 00:01:30.270 --> 00:01:31.760 align:start position:0% going anywhere if you can build a token and<00:01:30.479> if<00:01:30.960> you<00:01:31.020> can<00:01:31.140> build<00:01:31.229> a<00:01:31.350> culture<00:01:31.680> around 00:01:31.760 --> 00:01:31.770 align:start position:0% and if you can build a culture around 00:01:31.770 --> 00:01:33.319 align:start position:0% and if you can build a culture around that<00:01:32.040> token<00:01:32.400> and<00:01:32.759> you<00:01:32.909> could<00:01:33.060> change<00:01:33.150> the 00:01:33.319 --> 00:01:33.329 align:start position:0% that token and you could change the 00:01:33.329 --> 00:01:37.760 align:start position:0% that token and you could change the world<00:01:35.720> so<00:01:36.720> to<00:01:36.750> begin<00:01:37.140> I'm<00:01:37.320> going<00:01:37.439> to<00:01:37.500> bring<00:01:37.649> us 00:01:37.760 --> 00:01:37.770 align:start position:0% world so to begin I'm going to bring us 00:01:37.770 --> 00:01:41.330 align:start position:0% world so to begin I'm going to bring us back<00:01:37.799> to<00:01:38.390> 2008<00:01:39.390> with<00:01:39.930> the<00:01:40.290> original<00:01:40.829> launch<00:01:41.040> of 00:01:41.330 --> 00:01:41.340 align:start position:0% back to 2008 with the original launch of 00:01:41.340 --> 00:01:44.179 align:start position:0% back to 2008 with the original launch of Satoshi's<00:01:41.880> white<00:01:42.060> paper<00:01:42.710> in<00:01:43.710> it<00:01:43.890> Satoshi 00:01:44.179 --> 00:01:44.189 align:start position:0% Satoshi's white paper in it Satoshi 00:01:44.189 --> 00:01:46.039 align:start position:0% Satoshi's white paper in it Satoshi outlined<00:01:44.700> this<00:01:44.970> protocol<00:01:45.390> for<00:01:45.689> self 00:01:46.039 --> 00:01:46.049 align:start position:0% outlined this protocol for self 00:01:46.049 --> 00:01:48.319 align:start position:0% outlined this protocol for self sovereign<00:01:46.530> scarce<00:01:47.220> money<00:01:47.430> that<00:01:47.790> was<00:01:47.969> free<00:01:48.299> of 00:01:48.319 --> 00:01:48.329 align:start position:0% sovereign scarce money that was free of 00:01:48.329 --> 00:01:50.420 align:start position:0% sovereign scarce money that was free of manipulation<00:01:48.990> from<00:01:49.140> central<00:01:49.560> bank's<00:01:49.860> or<00:01:50.009> from 00:01:50.420 --> 00:01:50.430 align:start position:0% manipulation from central bank's or from 00:01:50.430 --> 00:01:52.910 align:start position:0% manipulation from central bank's or from any<00:01:50.549> nation-state<00:01:51.320> now<00:01:52.320> at<00:01:52.469> the<00:01:52.560> time<00:01:52.740> of 00:01:52.910 --> 00:01:52.920 align:start position:0% any nation-state now at the time of 00:01:52.920 --> 00:01:54.200 align:start position:0% any nation-state now at the time of course<00:01:53.100> this<00:01:53.280> school<00:01:53.549> seemed<00:01:53.880> pretty 00:01:54.200 --> 00:01:54.210 align:start position:0% course this school seemed pretty 00:01:54.210 --> 00:01:56.149 align:start position:0% course this school seemed pretty outlandish<00:01:54.420> you<00:01:54.990> know<00:01:55.110> people<00:01:55.439> had<00:01:55.770> been 00:01:56.149 --> 00:01:56.159 align:start position:0% outlandish you know people had been 00:01:56.159 --> 00:01:57.560 align:start position:0% outlandish you know people had been living<00:01:56.340> with<00:01:56.460> fiat<00:01:56.820> currencies<00:01:57.270> that<00:01:57.299> were 00:01:57.560 --> 00:01:57.570 align:start position:0% living with fiat currencies that were 00:01:57.570 --> 00:01:59.120 align:start position:0% living with fiat currencies that were printed<00:01:57.869> by<00:01:57.960> large<00:01:58.200> institutions<00:01:58.799> for<00:01:58.950> such<00:01:59.100> a 00:01:59.120 --> 00:01:59.130 align:start position:0% printed by large institutions for such a 00:01:59.130 --> 00:02:00.830 align:start position:0% printed by large institutions for such a long<00:01:59.340> time<00:01:59.490> that<00:01:59.549> it<00:02:00.149> kind<00:02:00.329> of<00:02:00.390> forgotten<00:02:00.750> that 00:02:00.830 --> 00:02:00.840 align:start position:0% long time that it kind of forgotten that 00:02:00.840 --> 00:02:02.899 align:start position:0% long time that it kind of forgotten that anybody<00:02:01.289> could<00:02:01.590> create<00:02:01.890> their<00:02:02.039> own<00:02:02.430> money<00:02:02.670> if 00:02:02.899 --> 00:02:02.909 align:start position:0% anybody could create their own money if 00:02:02.909 --> 00:02:04.910 align:start position:0% anybody could create their own money if they<00:02:03.030> wanted<00:02:03.299> to<00:02:03.360> all<00:02:04.170> that<00:02:04.320> really<00:02:04.439> mattered 00:02:04.910 --> 00:02:04.920 align:start position:0% they wanted to all that really mattered 00:02:04.920 --> 00:02:06.440 align:start position:0% they wanted to all that really mattered was<00:02:05.399> that<00:02:05.430> they<00:02:05.640> could<00:02:05.759> convince<00:02:06.180> other 00:02:06.440 --> 00:02:06.450 align:start position:0% was that they could convince other 00:02:06.450 --> 00:02:10.100 align:start position:0% was that they could convince other people<00:02:06.509> of<00:02:06.960> its<00:02:07.170> legitimacy<00:02:08.660> now<00:02:09.660> a<00:02:09.690> number<00:02:09.990> of 00:02:10.100 --> 00:02:10.110 align:start position:0% people of its legitimacy now a number of 00:02:10.110 --> 00:02:11.240 align:start position:0% people of its legitimacy now a number of values<00:02:10.500> were<00:02:10.740> really<00:02:10.979> interestingly 00:02:11.240 --> 00:02:11.250 align:start position:0% values were really interestingly 00:02:11.250 --> 00:02:13.010 align:start position:0% values were really interestingly embedded<00:02:11.940> within<00:02:12.150> that<00:02:12.300> protocol<00:02:12.840> that 00:02:13.010 --> 00:02:13.020 align:start position:0% embedded within that protocol that 00:02:13.020 --> 00:02:15.230 align:start position:0% embedded within that protocol that Satoshi<00:02:13.350> launched<00:02:13.800> for<00:02:14.250> example<00:02:14.640> Satoshi's 00:02:15.230 --> 00:02:15.240 align:start position:0% Satoshi launched for example Satoshi's 00:02:15.240 --> 00:02:17.330 align:start position:0% Satoshi launched for example Satoshi's view<00:02:15.510> on<00:02:15.720> the<00:02:15.840> importance<00:02:16.200> of<00:02:16.350> scarce<00:02:16.890> assets 00:02:17.330 --> 00:02:17.340 align:start position:0% view on the importance of scarce assets 00:02:17.340 --> 00:02:18.830 align:start position:0% view on the importance of scarce assets which<00:02:17.640> we<00:02:17.790> see<00:02:17.970> with<00:02:18.000> the<00:02:18.330> 21 00:02:18.830 --> 00:02:18.840 align:start position:0% which we see with the 21 00:02:18.840 --> 00:02:21.890 align:start position:0% which we see with the 21 and<00:02:19.080> hard<00:02:19.290> cap<00:02:19.470> on<00:02:20.250> Bitcoin<00:02:20.489> issuance<00:02:21.030> or<00:02:21.269> the 00:02:21.890 --> 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position:0% the white paper with regards to peer-to-peer<00:02:27.060> money<00:02:27.480> transmission<00:02:27.930> free<00:02:28.379> of 00:02:28.580 --> 00:02:28.590 align:start position:0% peer-to-peer money transmission free of 00:02:28.590 --> 00:02:30.460 align:start position:0% peer-to-peer money transmission free of central<00:02:29.040> bank<00:02:29.220> or<00:02:29.459> financial<00:02:29.640> institution 00:02:30.460 --> 00:02:30.470 align:start position:0% central bank or financial institution 00:02:30.470 --> 00:02:34.490 align:start position:0% central bank or financial institution intermediaries<00:02:32.569> some<00:02:33.569> of<00:02:33.660> satoshis<00:02:34.080> values 00:02:34.490 --> 00:02:34.500 align:start position:0% intermediaries some of satoshis values 00:02:34.500 --> 00:02:36.650 align:start position:0% intermediaries some of satoshis values were<00:02:35.069> implicitly<00:02:35.519> stated<00:02:35.640> in<00:02:36.030> his<00:02:36.120> actions<00:02:36.540> as 00:02:36.650 --> 00:02:36.660 align:start position:0% were implicitly stated in his actions as 00:02:36.660 --> 00:02:38.720 align:start position:0% were implicitly stated in his actions as well<00:02:36.840> Satoshi<00:02:37.620> embedded<00:02:38.160> a<00:02:38.310> news<00:02:38.580> article 00:02:38.720 --> 00:02:38.730 align:start position:0% well Satoshi embedded a news article 00:02:38.730 --> 00:02:40.490 align:start position:0% well Satoshi embedded a news article about<00:02:39.180> the<00:02:39.330> Chancellor<00:02:39.750> in<00:02:39.930> the<00:02:40.049> Genesis 00:02:40.490 --> 00:02:40.500 align:start position:0% about the Chancellor in the Genesis 00:02:40.500 --> 00:02:42.140 align:start position:0% about the Chancellor in the Genesis block<00:02:40.739> again<00:02:41.340> signaling<00:02:41.819> some<00:02:42.000> of<00:02:42.090> the 00:02:42.140 --> 00:02:42.150 align:start position:0% block again signaling some of the 00:02:42.150 --> 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important<00:02:50.129> work<00:02:50.250> does<00:02:50.489> have<00:02:50.700> to 00:02:50.780 --> 00:02:50.790 align:start position:0% sometimes important work does have to 00:02:50.790 --> 00:02:52.250 align:start position:0% sometimes important work does have to happen<00:02:50.940> from<00:02:51.209> the<00:02:51.299> shadows<00:02:51.720> it<00:02:51.930> can<00:02:52.079> always 00:02:52.250 --> 00:02:52.260 align:start position:0% happen from the shadows it can always 00:02:52.260 --> 00:02:56.360 align:start position:0% happen from the shadows it can always happen<00:02:52.380> in<00:02:53.250> the<00:02:53.370> light<00:02:55.160> what's<00:02:56.160> interesting 00:02:56.360 --> 00:02:56.370 align:start position:0% happen in the light what's interesting 00:02:56.370 --> 00:02:59.630 align:start position:0% happen in the light what's interesting is<00:02:56.760> that<00:02:56.790> now<00:02:57.060> in<00:02:57.569> 2019<00:02:58.470> if<00:02:58.739> you<00:02:58.860> ask<00:02:59.099> a<00:02:59.280> Bitcoin 00:02:59.630 --> 00:02:59.640 align:start position:0% is that now in 2019 if you ask a Bitcoin 00:02:59.640 --> 00:03:01.460 align:start position:0% is that now in 2019 if you ask a Bitcoin or<00:02:59.670> around<00:03:00.030> you<00:03:00.209> what<00:03:00.480> the<00:03:00.569> values<00:03:00.959> of<00:03:01.140> Bitcoin 00:03:01.460 --> 00:03:01.470 align:start position:0% or around you what the values of Bitcoin 00:03:01.470 --> 00:03:03.830 align:start position:0% or around you what the values of Bitcoin are<00:03:01.739> they'd<00:03:02.430> probably<00:03:02.819> have<00:03:03.150> a<00:03:03.329> long<00:03:03.599> list 00:03:03.830 --> 00:03:03.840 align:start position:0% are they'd probably have a long list 00:03:03.840 --> 00:03:06.289 align:start position:0% are they'd probably have a long list that<00:03:04.200> they<00:03:04.290> could<00:03:04.470> provide<00:03:04.620> you<00:03:05.180> despite<00:03:06.180> the 00:03:06.289 --> 00:03:06.299 align:start position:0% that they could provide you despite the 00:03:06.299 --> 00:03:08.539 align:start position:0% that they could provide you despite the fact<00:03:06.540> that<00:03:06.660> very<00:03:06.989> few<00:03:07.290> if<00:03:07.590> any<00:03:07.829> of<00:03:08.250> them<00:03:08.400> were 00:03:08.539 --> 00:03:08.549 align:start position:0% fact that very few if any of them were 00:03:08.549 --> 00:03:12.339 align:start position:0% fact that very few if any of them were ever<00:03:08.730> really<00:03:09.120> stated<00:03:09.720> explicitly<00:03:10.230> by<00:03:10.980> Satoshi 00:03:12.339 --> 00:03:12.349 align:start position:0% ever really stated explicitly by Satoshi 00:03:12.349 --> 00:03:15.440 align:start position:0% ever really stated explicitly by Satoshi Satoshi<00:03:13.349> did<00:03:13.560> a<00:03:13.620> good<00:03:13.739> job<00:03:13.799> of<00:03:14.220> embedding<00:03:14.760> his 00:03:15.440 --> 00:03:15.450 align:start position:0% Satoshi did a good job of embedding his 00:03:15.450 --> 00:03:18.619 align:start position:0% Satoshi did a good job of embedding his values<00:03:15.959> within<00:03:16.590> the<00:03:16.739> protocol<00:03:17.360> without<00:03:18.360> ever 00:03:18.619 --> 00:03:18.629 align:start position:0% values within the protocol without ever 00:03:18.629 --> 00:03:21.559 align:start position:0% values within the protocol without ever making<00:03:18.810> them<00:03:19.110> too<00:03:19.230> explicit<00:03:20.030> this<00:03:21.030> ultimately 00:03:21.559 --> 00:03:21.569 align:start position:0% making them too explicit this ultimately 00:03:21.569 --> 00:03:24.020 align:start position:0% making them too explicit this ultimately served<00:03:21.870> to<00:03:22.290> benefit<00:03:22.590> Satoshi's<00:03:23.040> goal<00:03:23.280> since 00:03:24.020 --> 00:03:24.030 align:start position:0% served to benefit Satoshi's goal since 00:03:24.030 --> 00:03:25.309 align:start position:0% served to benefit Satoshi's goal since leaving<00:03:24.209> them<00:03:24.420> less<00:03:24.569> defined<00:03:24.930> meant<00:03:25.230> the 00:03:25.309 --> 00:03:25.319 align:start position:0% leaving them less defined meant the 00:03:25.319 --> 00:03:26.720 align:start position:0% leaving them less defined meant the people<00:03:25.650> could<00:03:25.889> still<00:03:26.069> project<00:03:26.250> their<00:03:26.549> own 00:03:26.720 --> 00:03:26.730 align:start position:0% people could still project their own 00:03:26.730 --> 00:03:28.879 align:start position:0% people could still project their own values<00:03:27.209> onto<00:03:27.420> the<00:03:27.600> technology<00:03:28.170> depending<00:03:28.799> on 00:03:28.879 --> 00:03:28.889 align:start position:0% values onto the technology depending on 00:03:28.889 --> 00:03:31.849 align:start position:0% values onto the technology depending on how<00:03:28.980> it<00:03:29.130> suited<00:03:29.400> their<00:03:29.519> needs<00:03:29.730> best<00:03:30.620> this<00:03:31.620> of 00:03:31.849 --> 00:03:31.859 align:start position:0% how it suited their needs best this of 00:03:31.859 --> 00:03:33.590 align:start position:0% how it suited their needs best this of course<00:03:31.889> has<00:03:32.310> helped<00:03:32.670> Bitcoin<00:03:33.030> grow<00:03:33.329> to<00:03:33.389> the 00:03:33.590 --> 00:03:33.600 align:start position:0% course has helped Bitcoin grow to the 00:03:33.600 --> 00:03:35.330 align:start position:0% course has helped Bitcoin grow to the massive<00:03:33.989> global<00:03:34.319> scale<00:03:34.530> we<00:03:34.739> now<00:03:34.889> see<00:03:35.130> it<00:03:35.250> at 00:03:35.330 --> 00:03:35.340 align:start position:0% massive global scale we now see it at 00:03:35.340 --> 00:03:37.520 align:start position:0% massive global scale we now see it at right<00:03:35.549> now<00:03:35.700> since<00:03:36.690> fewer<00:03:36.930> people<00:03:37.139> might<00:03:37.440> be 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however as with most things 00:03:43.829 --> 00:03:45.229 align:start position:0% stated them however as with most things this<00:03:44.160> has<00:03:44.370> turned<00:03:44.519> out<00:03:44.700> to<00:03:44.819> be<00:03:44.910> a<00:03:44.940> bit<00:03:45.090> of<00:03:45.180> a 00:03:45.229 --> 00:03:45.239 align:start position:0% this has turned out to be a bit of a 00:03:45.239 --> 00:03:46.069 align:start position:0% this has turned out to be a bit of a double-edged<00:03:45.660> sword 00:03:46.069 --> 00:03:46.079 align:start position:0% double-edged sword 00:03:46.079 --> 00:03:48.050 align:start position:0% double-edged sword the<00:03:46.620> vaguer<00:03:46.859> the<00:03:47.069> values<00:03:47.400> were<00:03:47.579> the<00:03:47.880> more 00:03:48.050 --> 00:03:48.060 align:start position:0% the vaguer the values were the more 00:03:48.060 --> 00:03:49.520 align:start position:0% the vaguer the values were the more people<00:03:48.209> he<00:03:48.480> could<00:03:48.630> bring<00:03:48.780> into<00:03:49.019> the<00:03:49.109> community 00:03:49.520 --> 00:03:49.530 align:start position:0% people he could bring into the community 00:03:49.530 --> 00:03:51.050 align:start position:0% people he could bring into the community but<00:03:50.010> this<00:03:50.099> ultimately<00:03:50.519> would<00:03:50.700> come<00:03:50.880> at<00:03:50.970> the 00:03:51.050 --> 00:03:51.060 align:start position:0% but this ultimately would come at the 00:03:51.060 --> 00:03:52.490 align:start position:0% but this ultimately would come at the cost<00:03:51.269> of<00:03:51.510> social<00:03:51.900> cohesion 00:03:52.490 --> 00:03:52.500 align:start position:0% cost of social cohesion 00:03:52.500 --> 00:03:54.170 align:start position:0% cost of social cohesion since<00:03:52.889> eventually<00:03:53.340> different<00:03:53.760> factions 00:03:54.170 --> 00:03:54.180 align:start position:0% since eventually different factions 00:03:54.180 --> 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of<00:04:01.349> course<00:04:01.500> helps<00:04:01.829> explain<00:04:02.190> the<00:04:02.790> continuously 00:04:03.319 --> 00:04:03.329 align:start position:0% of course helps explain the continuously 00:04:03.329 --> 00:04:04.879 align:start position:0% of course helps explain the continuously fragmenting<00:04:03.930> nature<00:04:04.230> of<00:04:04.470> the<00:04:04.620> Bitcoin 00:04:04.879 --> 00:04:04.889 align:start position:0% fragmenting nature of the Bitcoin 00:04:04.889 --> 00:04:07.629 align:start position:0% fragmenting nature of the Bitcoin community<00:04:05.040> that<00:04:05.459> we<00:04:05.549> still<00:04:05.760> see<00:04:05.910> to<00:04:06.060> this<00:04:06.150> day 00:04:07.629 --> 00:04:07.639 align:start position:0% community that we still see to this day 00:04:07.639 --> 00:04:10.490 align:start position:0% community that we still see to this day nonetheless<00:04:08.639> in<00:04:09.150> publishing<00:04:10.079> this<00:04:10.290> paper 00:04:10.490 --> 00:04:10.500 align:start position:0% nonetheless in publishing this paper 00:04:10.500 --> 00:04:12.770 align:start position:0% nonetheless in publishing this paper Satoshi<00:04:11.040> completed<00:04:11.730> step<00:04:12.120> one<00:04:12.150> of<00:04:12.569> the 00:04:12.770 --> 00:04:12.780 align:start position:0% Satoshi completed step one of the 00:04:12.780 --> 00:04:14.210 align:start position:0% Satoshi completed step one of the process<00:04:12.930> that<00:04:13.290> I<00:04:13.349> think<00:04:13.530> is<00:04:13.620> incredibly 00:04:14.210 --> 00:04:14.220 align:start position:0% process that I think is incredibly 00:04:14.220 --> 00:04:16.640 align:start position:0% process that I think is incredibly important<00:04:14.849> creating<00:04:15.810> a<00:04:15.900> goal<00:04:16.079> that<00:04:16.380> he<00:04:16.500> would 00:04:16.640 --> 00:04:16.650 align:start position:0% important creating a goal that he would 00:04:16.650 --> 00:04:19.400 align:start position:0% important creating a goal that he would be<00:04:16.739> pursuing<00:04:17.359> he<00:04:18.359> stated<00:04:18.599> a<00:04:18.750> set<00:04:18.930> of<00:04:19.049> values 00:04:19.400 --> 00:04:19.410 align:start position:0% be pursuing he stated a set of values 00:04:19.410 --> 00:04:22.039 align:start position:0% be pursuing he stated a set of values some<00:04:19.829> explicitly<00:04:20.549> most<00:04:20.820> implicitly<00:04:21.389> which 00:04:22.039 --> 00:04:22.049 align:start position:0% some explicitly most implicitly which 00:04:22.049 --> 00:04:23.890 align:start position:0% some explicitly most implicitly which have<00:04:22.200> come<00:04:22.320> to<00:04:22.440> define<00:04:22.680> the<00:04:22.860> Bitcoin<00:04:23.160> space 00:04:23.890 --> 00:04:23.900 align:start position:0% have come to define the Bitcoin space 00:04:23.900 --> 00:04:26.750 align:start position:0% have come to define the Bitcoin space together<00:04:24.900> these<00:04:25.260> goals<00:04:25.530> and<00:04:25.650> values<00:04:25.800> became 00:04:26.750 --> 00:04:26.760 align:start position:0% together these goals and values became 00:04:26.760 --> 00:04:28.370 align:start position:0% together these goals and values became the<00:04:26.849> lifeblood<00:04:27.180> of<00:04:27.479> the<00:04:27.960> Bitcoin<00:04:28.260> community 00:04:28.370 --> 00:04:28.380 align:start position:0% the lifeblood of the Bitcoin community 00:04:28.380 --> 00:04:30.800 align:start position:0% the lifeblood of the Bitcoin community and<00:04:28.950> they<00:04:29.460> continue<00:04:29.849> to<00:04:29.880> inspire<00:04:30.270> and<00:04:30.599> bring 00:04:30.800 --> 00:04:30.810 align:start position:0% and they continue to inspire and bring 00:04:30.810 --> 00:04:33.400 align:start position:0% and they continue to inspire and bring meaning<00:04:31.289> to<00:04:31.560> people's<00:04:31.830> lives<00:04:32.039> even<00:04:32.550> to<00:04:32.640> the 00:04:33.400 --> 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did was to define a token Bitcoin which would<00:04:49.050> serve<00:04:49.290> as<00:04:49.530> the<00:04:49.590> globally<00:04:50.040> scarce<00:04:50.340> asset 00:04:50.570 --> 00:04:50.580 align:start position:0% would serve as the globally scarce asset 00:04:50.580 --> 00:04:53.930 align:start position:0% would serve as the globally scarce asset that<00:04:51.240> he<00:04:51.330> wanted<00:04:51.570> to<00:04:51.630> exist<00:04:52.190> he<00:04:53.190> defined<00:04:53.850> the 00:04:53.930 --> 00:04:53.940 align:start position:0% that he wanted to exist he defined the 00:04:53.940 --> 00:04:55.940 align:start position:0% that he wanted to exist he defined the Bitcoin<00:04:54.240> protocol<00:04:54.660> a<00:04:54.870> set<00:04:55.140> of<00:04:55.260> rules<00:04:55.500> that<00:04:55.680> we 00:04:55.940 --> 00:04:55.950 align:start position:0% Bitcoin protocol a set of rules that we 00:04:55.950 --> 00:04:57.860 align:start position:0% Bitcoin protocol a set of rules that we could<00:04:56.100> all<00:04:56.220> run<00:04:56.370> on<00:04:56.520> our<00:04:56.670> computers<00:04:57.090> which 00:04:57.860 --> 00:04:57.870 align:start position:0% could all run on our computers which 00:04:57.870 --> 00:05:00.680 align:start position:0% could all run on our computers which could<00:04:58.020> help<00:04:58.140> achieve<00:04:58.440> this<00:04:58.920> stated<00:04:59.310> goal<00:04:59.690> the 00:05:00.680 --> 00:05:00.690 align:start position:0% could help achieve this stated goal the 00:05:00.690 --> 00:05:02.480 align:start position:0% could help achieve this stated goal the protocol<00:05:01.110> included<00:05:01.440> a<00:05:01.530> dispersal<00:05:02.010> mechanism 00:05:02.480 --> 00:05:02.490 align:start position:0% protocol included a dispersal mechanism 00:05:02.490 --> 00:05:05.240 align:start position:0% protocol included a dispersal mechanism mining<00:05:03.030> which<00:05:04.020> rewarded<00:05:04.440> individuals<00:05:04.980> and 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embodied the goals and values that he<00:05:20.880> wanted<00:05:21.120> to<00:05:21.240> achieve<00:05:22.730> now<00:05:23.730> I'm<00:05:23.910> gonna<00:05:24.000> take 00:05:24.170 --> 00:05:24.180 align:start position:0% he wanted to achieve now I'm gonna take 00:05:24.180 --> 00:05:25.820 align:start position:0% he wanted to achieve now I'm gonna take a<00:05:24.240> moment<00:05:24.450> here<00:05:24.810> and<00:05:24.840> define<00:05:25.200> what<00:05:25.230> I<00:05:25.440> refer<00:05:25.800> to 00:05:25.820 --> 00:05:25.830 align:start position:0% a moment here and define what I refer to 00:05:25.830 --> 00:05:28.190 align:start position:0% a moment here and define what I refer to as<00:05:26.010> a<00:05:26.160> focal<00:05:26.490> point<00:05:26.520> which<00:05:27.450> is<00:05:27.600> a<00:05:27.780> little<00:05:28.110> bit 00:05:28.190 --> 00:05:28.200 align:start position:0% as a focal point which is a little bit 00:05:28.200 --> 00:05:29.750 align:start position:0% as a focal point which is a little bit different<00:05:28.530> than<00:05:28.650> the<00:05:28.740> way<00:05:28.860> it's<00:05:29.040> usually<00:05:29.280> used 00:05:29.750 --> 00:05:29.760 align:start position:0% different than the way it's usually used 00:05:29.760 --> 00:05:31.850 align:start position:0% different than the way it's usually used in<00:05:30.060> the<00:05:30.120> real<00:05:30.300> world<00:05:30.510> but<00:05:31.200> similar<00:05:31.560> to<00:05:31.770> the 00:05:31.850 --> 00:05:31.860 align:start position:0% in the real world but similar to the 00:05:31.860 --> 00:05:33.680 align:start position:0% in the real world but similar to the world's<00:05:32.220> to<00:05:32.580> the<00:05:32.670> word<00:05:32.790> shelling<00:05:33.180> point<00:05:33.420> which 00:05:33.680 --> 00:05:33.690 align:start position:0% world's to the word shelling point which 00:05:33.690 --> 00:05:35.450 align:start position:0% world's to the word shelling point which we<00:05:33.840> actually<00:05:34.290> use<00:05:34.560> fairly<00:05:34.890> commonly<00:05:35.220> in<00:05:35.430> the 00:05:35.450 --> 00:05:35.460 align:start position:0% we actually use fairly commonly in the 00:05:35.460 --> 00:05:37.670 align:start position:0% we actually use fairly commonly in the game<00:05:35.670> theory<00:05:35.940> space<00:05:36.150> a<00:05:36.650> focal<00:05:37.650> point 00:05:37.670 --> 00:05:37.680 align:start position:0% game theory space a focal point 00:05:37.680 --> 00:05:39.740 align:start position:0% game theory space a focal point something<00:05:38.250> that<00:05:38.520> acts<00:05:38.700> as<00:05:38.820> a<00:05:38.880> fulcrum<00:05:39.330> around 00:05:39.740 --> 00:05:39.750 align:start position:0% something that acts as a fulcrum around 00:05:39.750 --> 00:05:41.870 align:start position:0% something that acts as a fulcrum around which<00:05:39.900> people<00:05:39.930> can<00:05:40.320> organize<00:05:40.680> all<00:05:41.550> great 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--> 00:05:49.410 align:start position:0% event a set of words or all of the above 00:05:49.410 --> 00:05:52.190 align:start position:0% event a set of words or all of the above a<00:05:50.150> good<00:05:51.150> focal<00:05:51.450> point<00:05:51.660> is<00:05:51.840> something<00:05:52.080> that 00:05:52.190 --> 00:05:52.200 align:start position:0% a good focal point is something that 00:05:52.200 --> 00:05:53.840 align:start position:0% a good focal point is something that draws<00:05:52.410> people<00:05:52.800> in<00:05:52.950> it<00:05:53.190> gives<00:05:53.340> them<00:05:53.490> an<00:05:53.580> example 00:05:53.840 --> 00:05:53.850 align:start position:0% draws people in it gives them an example 00:05:53.850 --> 00:05:55.880 align:start position:0% draws people in it gives them an example that<00:05:54.780> they<00:05:54.900> can<00:05:55.050> look<00:05:55.170> to<00:05:55.380> when<00:05:55.560> they<00:05:55.650> want<00:05:55.740> to 00:05:55.880 --> 00:05:55.890 align:start position:0% that they can look to when they want to 00:05:55.890 --> 00:05:57.410 align:start position:0% that they can look to when they want to see<00:05:56.040> how<00:05:56.190> the<00:05:56.250> community<00:05:56.460> manifests<00:05:57.180> itself 00:05:57.410 --> 00:05:57.420 align:start position:0% see how the community manifests itself 00:05:57.420 --> 00:05:59.840 align:start position:0% see how the community manifests itself in<00:05:57.630> the<00:05:57.720> real<00:05:57.870> world<00:05:58.100> my<00:05:59.100> favorite<00:05:59.430> example<00:05:59.790> of 00:05:59.840 --> 00:05:59.850 align:start position:0% in the real world my favorite example of 00:05:59.850 --> 00:06:01.880 align:start position:0% in the real world my favorite example of a<00:05:59.940> focal<00:06:00.240> point<00:06:00.270> is<00:06:00.630> the<00:06:00.990> disco<00:06:01.320> ball<00:06:01.500> at<00:06:01.860> a 00:06:01.880 --> 00:06:01.890 align:start position:0% a focal point is the disco ball at a 00:06:01.890 --> 00:06:03.950 align:start position:0% a focal point is the disco ball at a party<00:06:02.250> which<00:06:02.970> usually<00:06:03.150> marks<00:06:03.510> the<00:06:03.600> center<00:06:03.870> of 00:06:03.950 --> 00:06:03.960 align:start position:0% party which usually marks the center of 00:06:03.960 --> 00:06:06.800 align:start position:0% party which usually marks the center of a<00:06:04.020> dancefloor<00:06:05.120> now<00:06:06.120> if<00:06:06.300> we<00:06:06.390> bring<00:06:06.570> it<00:06:06.660> back<00:06:06.690> to 00:06:06.800 --> 00:06:06.810 align:start position:0% a dancefloor now if we bring it back to 00:06:06.810 --> 00:06:10.310 align:start position:0% a dancefloor now if we bring it back to Satoshi<00:06:07.230> the<00:06:08.190> disco<00:06:08.490> ball<00:06:08.700> was<00:06:09.120> Bitcoin<00:06:09.690> and 00:06:10.310 --> 00:06:10.320 align:start position:0% Satoshi the disco ball was Bitcoin and 00:06:10.320 --> 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something<00:06:23.400> defined<00:06:23.910> something 00:06:24.680 --> 00:06:24.690 align:start position:0% into something defined something 00:06:24.690 --> 00:06:26.330 align:start position:0% into something defined something practical<00:06:24.840> something<00:06:25.500> which<00:06:25.650> existed<00:06:26.160> in<00:06:26.220> the 00:06:26.330 --> 00:06:26.340 align:start position:0% practical something which existed in the 00:06:26.340 --> 00:06:28.070 align:start position:0% practical something which existed in the real<00:06:26.520> world<00:06:26.760> something<00:06:27.600> that<00:06:27.630> people<00:06:27.870> could 00:06:28.070 --> 00:06:28.080 align:start position:0% real world something that people could 00:06:28.080 --> 00:06:30.800 align:start position:0% real world something that people could hold<00:06:28.260> onto<00:06:28.880> having<00:06:29.880> money<00:06:30.090> that<00:06:30.450> was<00:06:30.570> free<00:06:30.780> of 00:06:30.800 --> 00:06:30.810 align:start position:0% hold onto having money that was free of 00:06:30.810 --> 00:06:35.570 align:start position:0% hold onto having money that was free of central<00:06:31.230> bank<00:06:31.410> control<00:06:31.770> was<00:06:32.220> now<00:06:32.370> possible<00:06:34.580> in 00:06:35.570 --> 00:06:35.580 align:start position:0% central bank control was now possible in 00:06:35.580 --> 00:06:37.460 align:start position:0% central bank control was now possible in publishing<00:06:35.970> his<00:06:36.150> paper<00:06:36.360> Satoshi<00:06:36.900> seems<00:06:37.290> to 00:06:37.460 --> 00:06:37.470 align:start position:0% publishing his paper Satoshi seems to 00:06:37.470 --> 00:06:38.990 align:start position:0% publishing his paper Satoshi seems to have<00:06:37.560> hit<00:06:37.710> the<00:06:37.830> sweet<00:06:38.040> spot<00:06:38.100> around<00:06:38.700> the 00:06:38.990 --> 00:06:39.000 align:start position:0% have hit the sweet spot around the 00:06:39.000 --> 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and be drawn towards but still vague enough<00:06:45.330> that<00:06:45.510> people<00:06:45.630> could<00:06:45.840> project<00:06:45.990> their 00:06:46.310 --> 00:06:46.320 align:start position:0% enough that people could project their 00:06:46.320 --> 00:06:46.640 align:start position:0% enough that people could project their own 00:06:46.640 --> 00:06:46.650 align:start position:0% own 00:06:46.650 --> 00:06:50.540 align:start position:0% own use<00:06:46.860> Intuit<00:06:47.610> as<00:06:48.030> they<00:06:48.509> saw<00:06:48.720> fit<00:06:49.340> if<00:06:50.340> one 00:06:50.540 --> 00:06:50.550 align:start position:0% use Intuit as they saw fit if one 00:06:50.550 --> 00:06:52.040 align:start position:0% use Intuit as they saw fit if one believed<00:06:50.850> that<00:06:51.210> the<00:06:51.360> protocol<00:06:51.750> could<00:06:51.900> help 00:06:52.040 --> 00:06:52.050 align:start position:0% believed that the protocol could help 00:06:52.050 --> 00:06:53.659 align:start position:0% believed that the protocol could help them<00:06:52.169> achieve<00:06:52.290> some<00:06:52.740> goal<00:06:52.979> which<00:06:53.520> of<00:06:53.639> course 00:06:53.659 --> 00:06:53.669 align:start position:0% them achieve some goal which of course 00:06:53.669 --> 00:06:55.159 align:start position:0% them achieve some goal which of course is<00:06:54.000> still<00:06:54.180> different<00:06:54.570> depending<00:06:54.870> on<00:06:54.930> who<00:06:54.990> you 00:06:55.159 --> 00:06:55.169 align:start position:0% is still different depending on who you 00:06:55.169 --> 00:06:55.670 align:start position:0% is still different depending on who you ask 00:06:55.670 --> 00:06:55.680 align:start position:0% ask 00:06:55.680 --> 00:06:58.249 align:start position:0% ask then<00:06:56.400> they<00:06:56.550> could<00:06:56.729> purchase<00:06:57.449> the<00:06:57.690> token<00:06:58.050> and 00:06:58.249 --> 00:06:58.259 align:start position:0% then they could purchase the token and 00:06:58.259 --> 00:06:59.840 align:start position:0% then they could purchase the token and or<00:06:58.440> run<00:06:58.650> the<00:06:58.740> protocol<00:06:59.160> to<00:06:59.310> the<00:06:59.460> benefit<00:06:59.820> of 00:06:59.840 --> 00:06:59.850 align:start position:0% or run the protocol to the benefit of 00:06:59.850 --> 00:07:01.790 align:start position:0% or run the protocol to the benefit of both<00:07:00.030> themselves<00:07:00.509> Satoshi<00:07:01.050> and<00:07:01.410> the<00:07:01.620> broader 00:07:01.790 --> 00:07:01.800 align:start position:0% both themselves Satoshi and the broader 00:07:01.800 --> 00:07:04.999 align:start position:0% both themselves Satoshi and the broader community<00:07:03.470> what<00:07:04.470> was<00:07:04.590> really<00:07:04.979> happening 00:07:04.999 --> 00:07:05.009 align:start position:0% community what was really happening 00:07:05.009 --> 00:07:07.370 align:start position:0% community what was really happening whether<00:07:05.850> intentionally<00:07:06.570> or<00:07:06.600> not<00:07:06.810> was<00:07:07.350> that 00:07:07.370 --> 00:07:07.380 align:start position:0% whether intentionally or not was that 00:07:07.380 --> 00:07:10.820 align:start position:0% whether intentionally or not was that Satoshi<00:07:07.860> was<00:07:08.190> creating<00:07:08.699> a<00:07:08.820> culture<00:07:09.830> culture 00:07:10.820 --> 00:07:10.830 align:start position:0% Satoshi was creating a culture culture 00:07:10.830 --> 00:07:13.070 align:start position:0% Satoshi was creating a culture culture is<00:07:10.919> defined<00:07:11.250> by<00:07:11.580> the<00:07:11.639> ideas<00:07:12.060> social<00:07:12.690> behaviors 00:07:13.070 --> 00:07:13.080 align:start position:0% is defined by the ideas social behaviors 00:07:13.080 --> 00:07:15.860 align:start position:0% is defined by the ideas social behaviors and<00:07:13.380> customs<00:07:13.860> of<00:07:14.009> a<00:07:14.070> particular<00:07:14.520> group<00:07:14.870> it's 00:07:15.860 --> 00:07:15.870 align:start position:0% and customs of a particular group it's 00:07:15.870 --> 00:07:17.300 align:start position:0% and customs of a particular group it's incredibly<00:07:16.350> important<00:07:16.740> that<00:07:16.860> the<00:07:16.949> early 00:07:17.300 --> 00:07:17.310 align:start position:0% incredibly important that the early 00:07:17.310 --> 00:07:19.189 align:start position:0% incredibly important that the early members<00:07:17.639> of<00:07:17.789> a<00:07:17.880> given<00:07:18.120> community<00:07:18.300> action 00:07:19.189 --> 00:07:19.199 align:start position:0% members of a given community action 00:07:19.199 --> 00:07:21.020 align:start position:0% members of a given community action actually<00:07:19.620> act<00:07:19.770> in<00:07:19.949> accordance<00:07:20.370> with<00:07:20.669> the 00:07:21.020 --> 00:07:21.030 align:start position:0% actually act in accordance with the 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possible<00:07:27.120> moment<00:07:27.419> Satoshi<00:07:28.350> made<00:07:28.590> sure<00:07:28.740> that 00:07:28.879 --> 00:07:28.889 align:start position:0% possible moment Satoshi made sure that 00:07:28.889 --> 00:07:30.980 align:start position:0% possible moment Satoshi made sure that his<00:07:29.039> actions<00:07:29.400> embodied<00:07:29.940> the<00:07:30.090> the<00:07:30.389> core<00:07:30.600> value 00:07:30.980 --> 00:07:30.990 align:start position:0% his actions embodied the the core value 00:07:30.990 --> 00:07:32.960 align:start position:0% his actions embodied the the core value of<00:07:31.020> decentralization<00:07:31.949> that's<00:07:32.550> so<00:07:32.760> critical 00:07:32.960 --> 00:07:32.970 align:start position:0% of decentralization that's so critical 00:07:32.970 --> 00:07:36.050 align:start position:0% of decentralization that's so critical to<00:07:33.300> the<00:07:33.389> existence<00:07:33.780> of<00:07:33.840> Bitcoin<00:07:34.880> the<00:07:35.880> cool 00:07:36.050 --> 00:07:36.060 align:start position:0% to the existence of Bitcoin the cool 00:07:36.060 --> 00:07:37.850 align:start position:0% to the existence of Bitcoin the cool thing<00:07:36.270> was<00:07:36.449> that<00:07:36.600> Satoshi<00:07:36.960> had<00:07:37.380> done<00:07:37.560> such<00:07:37.830> a 00:07:37.850 --> 00:07:37.860 align:start position:0% thing was that Satoshi had done such a 00:07:37.860 --> 00:07:39.560 align:start position:0% thing was that Satoshi had done such a good<00:07:38.070> job<00:07:38.130> of<00:07:38.490> actually<00:07:38.639> passing<00:07:39.210> on<00:07:39.360> that 00:07:39.560 --> 00:07:39.570 align:start position:0% good job of actually passing on that 00:07:39.570 --> 00:07:41.029 align:start position:0% good job of actually passing on that culture<00:07:39.780> and<00:07:40.169> those<00:07:40.349> values<00:07:40.500> to<00:07:40.919> new 00:07:41.029 --> 00:07:41.039 align:start position:0% culture and those values to new 00:07:41.039 --> 00:07:43.040 align:start position:0% culture and those values to new followers<00:07:41.539> that<00:07:42.539> even<00:07:42.810> though<00:07:42.900> he 00:07:43.040 --> 00:07:43.050 align:start position:0% followers that even though he 00:07:43.050 --> 00:07:44.870 align:start position:0% followers that even though he disappeared<00:07:43.680> others<00:07:44.160> actually<00:07:44.430> began<00:07:44.820> to 00:07:44.870 --> 00:07:44.880 align:start position:0% disappeared others actually began to 00:07:44.880 --> 00:07:46.730 align:start position:0% disappeared others actually began to take<00:07:45.120> the<00:07:45.240> reins<00:07:45.449> and<00:07:45.720> continue<00:07:46.229> to<00:07:46.440> embody 00:07:46.730 --> 00:07:46.740 align:start position:0% take the reins and continue to embody 00:07:46.740 --> 00:07:51.170 align:start position:0% take the reins and continue to embody and<00:07:46.949> shape<00:07:47.130> the<00:07:47.250> culture<00:07:49.820> first<00:07:50.820> we<00:07:51.030> saw 00:07:51.170 --> 00:07:51.180 align:start position:0% and shape the culture first we saw 00:07:51.180 --> 00:07:53.510 align:start position:0% and shape the culture first we saw people<00:07:51.479> like<00:07:51.510> Gavin<00:07:51.930> Andresen<00:07:52.229> and<00:07:52.770> Andres 00:07:53.510 --> 00:07:53.520 align:start position:0% people like Gavin Andresen and Andres 00:07:53.520 --> 00:07:55.430 align:start position:0% people like Gavin Andresen and Andres Antonopoulos<00:07:53.910> who<00:07:54.360> continued<00:07:55.050> to<00:07:55.080> lead<00:07:55.320> the 00:07:55.430 --> 00:07:55.440 align:start position:0% Antonopoulos who continued to lead the 00:07:55.440 --> 00:07:56.990 align:start position:0% Antonopoulos who continued to lead the development<00:07:55.919> of<00:07:56.010> the<00:07:56.070> core<00:07:56.250> protocol<00:07:56.699> and<00:07:56.940> the 00:07:56.990 --> 00:07:57.000 align:start position:0% development of the core protocol and the 00:07:57.000 --> 00:08:00.080 align:start position:0% development of the core protocol and the cultural<00:07:57.419> movement<00:07:57.750> around<00:07:57.900> the<00:07:58.050> token<00:07:59.090> we 00:08:00.080 --> 00:08:00.090 align:start position:0% cultural movement around the token we 00:08:00.090 --> 00:08:01.610 align:start position:0% cultural movement around the token we had<00:08:00.180> companies<00:08:00.539> like<00:08:00.750> bitpay<00:08:00.990> and<00:08:01.380> coinbase 00:08:01.610 --> 00:08:01.620 align:start position:0% had companies like bitpay and coinbase 00:08:01.620 --> 00:08:03.800 align:start position:0% had companies like bitpay and coinbase which<00:08:02.010> popped<00:08:02.250> up<00:08:02.460> whose<00:08:02.909> Express<00:08:03.330> mission<00:08:03.720> it 00:08:03.800 --> 00:08:03.810 align:start position:0% which popped up whose Express mission it 00:08:03.810 --> 00:08:09.230 align:start position:0% which popped up whose Express mission it was<00:08:03.930> to<00:08:04.169> bring<00:08:04.380> Bitcoin<00:08:04.800> to<00:08:05.010> the<00:08:05.099> masses<00:08:08.240> you 00:08:09.230 --> 00:08:09.240 align:start position:0% was to bring Bitcoin to the masses you 00:08:09.240 --> 00:08:11.719 align:start position:0% was to bring Bitcoin to the masses you had<00:08:09.360> forums<00:08:09.690> like<00:08:09.990> Bitcoin<00:08:10.380> talk<00:08:10.590> events<00:08:11.550> like 00:08:11.719 --> 00:08:11.729 align:start position:0% had forums like Bitcoin talk events like 00:08:11.729 --> 00:08:12.830 align:start position:0% had forums like Bitcoin talk events like the<00:08:11.849> North<00:08:12.000> American<00:08:12.389> Bitcoin<00:08:12.690> conference 00:08:12.830 --> 00:08:12.840 align:start position:0% the North American Bitcoin conference 00:08:12.840 --> 00:08:15.230 align:start position:0% the North American Bitcoin conference meet<00:08:13.560> ups<00:08:13.710> like<00:08:13.860> Satoshi<00:08:14.220> Square<00:08:14.550> which 00:08:15.230 --> 00:08:15.240 align:start position:0% meet ups like Satoshi Square which 00:08:15.240 --> 00:08:17.060 align:start position:0% meet ups like Satoshi Square which created<00:08:15.630> spaces<00:08:15.930> for<00:08:16.260> people<00:08:16.289> to<00:08:16.560> congregate 00:08:17.060 --> 00:08:17.070 align:start position:0% created spaces for people to congregate 00:08:17.070 --> 00:08:19.310 align:start position:0% created spaces for people to congregate to<00:08:17.370> share<00:08:17.580> ideas<00:08:17.760> to<00:08:18.240> feel<00:08:18.570> human<00:08:18.870> connections 00:08:19.310 --> 00:08:19.320 align:start position:0% to share ideas to feel human connections 00:08:19.320 --> 00:08:20.719 align:start position:0% to share ideas to feel human connections with<00:08:19.500> others<00:08:19.740> who<00:08:19.949> shared<00:08:20.220> their<00:08:20.340> goals<00:08:20.580> and 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any culture as I'm sure 00:08:28.740 --> 00:08:30.040 align:start position:0% the creation of any culture as I'm sure many<00:08:28.919> of<00:08:29.070> you<00:08:29.159> guys<00:08:29.310> sitting<00:08:29.669> in<00:08:29.729> the<00:08:29.820> audience 00:08:30.040 --> 00:08:30.050 align:start position:0% many of you guys sitting in the audience 00:08:30.050 --> 00:08:32.449 align:start position:0% many of you guys sitting in the audience can<00:08:31.050> understand<00:08:31.500> after<00:08:31.889> the<00:08:31.979> last<00:08:32.130> three<00:08:32.370> days 00:08:32.449 --> 00:08:32.459 align:start position:0% can understand after the last three days 00:08:32.459 --> 00:08:37.279 align:start position:0% can understand after the last three days we've<00:08:32.700> had<00:08:32.729> at<00:08:33.029> this<00:08:33.150> wonderful<00:08:33.539> event<00:08:36.289> now 00:08:37.279 --> 00:08:37.289 align:start position:0% we've had at this wonderful event now 00:08:37.289 --> 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the last decade<00:08:43.459> thanks<00:08:44.459> to<00:08:44.670> the<00:08:44.760> Silk<00:08:45.000> Road<00:08:45.060> you<00:08:45.930> had 00:08:46.040 --> 00:08:46.050 align:start position:0% decade thanks to the Silk Road you had 00:08:46.050 --> 00:08:47.840 align:start position:0% decade thanks to the Silk Road you had this<00:08:46.140> great<00:08:46.380> path<00:08:46.589> to<00:08:46.770> onboard<00:08:46.920> new<00:08:47.190> users<00:08:47.520> if 00:08:47.840 --> 00:08:47.850 align:start position:0% this great path to onboard new users if 00:08:47.850 --> 00:08:50.329 align:start position:0% this great path to onboard new users if anybody<00:08:48.720> wanted<00:08:48.990> to<00:08:49.110> buy<00:08:49.230> drugs<00:08:49.500> in<00:08:49.770> the<00:08:49.860> 2010s 00:08:50.329 --> 00:08:50.339 align:start position:0% anybody wanted to buy drugs in the 2010s 00:08:50.339 --> 00:08:52.760 align:start position:0% anybody wanted to buy drugs in the 2010s the<00:08:51.029> easiest<00:08:51.420> way<00:08:51.690> usually<00:08:51.959> was<00:08:52.350> using 00:08:52.760 --> 00:08:52.770 align:start position:0% the easiest way usually was using 00:08:52.770 --> 00:08:55.670 align:start position:0% the easiest way usually was using Bitcoin<00:08:53.240> in<00:08:54.240> this<00:08:54.750> way<00:08:54.930> even<00:08:55.260> if<00:08:55.350> you<00:08:55.440> didn't 00:08:55.670 --> 00:08:55.680 align:start position:0% Bitcoin in this way even if you didn't 00:08:55.680 --> 00:08:57.890 align:start position:0% Bitcoin in this way even if you didn't care<00:08:55.829> at<00:08:56.040> all<00:08:56.070> about<00:08:56.310> decentralization<00:08:56.940> self 00:08:57.890 --> 00:08:57.900 align:start position:0% care at all about decentralization self 00:08:57.900 --> 00:08:59.269 align:start position:0% care at all about decentralization self sovereign<00:08:58.230> money<00:08:58.380> or<00:08:58.920> any<00:08:59.070> of<00:08:59.160> the 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position:0% as a third party observer and consumer a 00:09:06.110 --> 00:09:08.300 align:start position:0% as a third party observer and consumer a similar<00:09:07.110> Avenue<00:09:07.470> existed<00:09:07.860> for<00:09:08.009> those<00:09:08.129> in<00:09:08.249> the 00:09:08.300 --> 00:09:08.310 align:start position:0% similar Avenue existed for those in the 00:09:08.310 --> 00:09:09.769 align:start position:0% similar Avenue existed for those in the finance<00:09:08.670> industry<00:09:08.850> who<00:09:09.300> saw<00:09:09.480> an<00:09:09.600> opportunity 00:09:09.769 --> 00:09:09.779 align:start position:0% finance industry who saw an opportunity 00:09:09.779 --> 00:09:11.929 align:start position:0% finance industry who saw an opportunity for<00:09:10.350> this<00:09:10.499> massive<00:09:11.040> massive<00:09:11.279> wealth<00:09:11.610> creation 00:09:11.929 --> 00:09:11.939 align:start position:0% for this massive massive wealth creation 00:09:11.939 --> 00:09:14.300 align:start position:0% for this massive massive wealth creation by<00:09:12.300> trading<00:09:12.569> Bitcoin<00:09:12.959> again<00:09:13.620> this<00:09:13.769> created<00:09:14.220> a 00:09:14.300 --> 00:09:14.310 align:start position:0% by trading Bitcoin again this created a 00:09:14.310 --> 00:09:15.980 align:start position:0% by trading Bitcoin again this created a new<00:09:14.519> entry<00:09:14.910> point<00:09:15.149> for<00:09:15.209> people<00:09:15.509> to<00:09:15.629> be<00:09:15.749> drawn 00:09:15.980 --> 00:09:15.990 align:start position:0% new entry point for people to be drawn 00:09:15.990 --> 00:09:17.629 align:start position:0% new entry point for people to be drawn in<00:09:16.230> and<00:09:16.410> discovered<00:09:17.009> what<00:09:17.100> the<00:09:17.189> community<00:09:17.550> was 00:09:17.629 --> 00:09:17.639 align:start position:0% in and discovered what the community was 00:09:17.639 --> 00:09:22.220 align:start position:0% in and discovered what the community was all<00:09:17.819> about<00:09:20.089> importantly<00:09:21.089> some<00:09:21.990> of<00:09:22.139> those 00:09:22.220 --> 00:09:22.230 align:start position:0% all about importantly some of those 00:09:22.230 --> 00:09:23.480 align:start position:0% all about importantly some of those people<00:09:22.439> who<00:09:22.680> were<00:09:22.769> brought<00:09:22.980> in<00:09:23.160> would<00:09:23.309> stay 00:09:23.480 --> 00:09:23.490 align:start position:0% people who were brought in would stay 00:09:23.490 --> 00:09:24.889 align:start position:0% people who were brought in would stay around<00:09:23.790> long<00:09:24.269> after<00:09:24.300> their<00:09:24.720> original 00:09:24.889 --> 00:09:24.899 align:start position:0% around long after their original 00:09:24.899 --> 00:09:27.439 align:start position:0% around long after their original motivations<00:09:25.709> had<00:09:25.889> faded<00:09:26.189> away<00:09:26.339> these<00:09:27.269> were 00:09:27.439 --> 00:09:27.449 align:start position:0% motivations had faded away these were 00:09:27.449 --> 00:09:28.879 align:start position:0% motivations had faded away these were the<00:09:27.540> people<00:09:27.660> who<00:09:27.779> cared<00:09:28.079> the<00:09:28.170> most<00:09:28.410> about<00:09:28.769> the 00:09:28.879 --> 00:09:28.889 align:start position:0% the people who cared the most about the 00:09:28.889 --> 00:09:31.819 align:start position:0% the people who cared the most about the movement<00:09:29.220> at<00:09:29.370> its<00:09:29.519> core<00:09:30.290> of<00:09:31.290> course<00:09:31.589> this 00:09:31.819 --> 00:09:31.829 align:start position:0% movement at its core of course this 00:09:31.829 --> 00:09:34.460 align:start position:0% movement at its core of course this often<00:09:32.160> happened<00:09:32.519> in<00:09:32.730> waves<00:09:33.089> the<00:09:33.839> bear<00:09:34.079> the 00:09:34.460 --> 00:09:34.470 align:start position:0% often happened in waves the bear the 00:09:34.470 --> 00:09:36.319 align:start position:0% often happened in waves the bear the bull<00:09:34.649> would<00:09:34.920> bring<00:09:35.160> in<00:09:35.339> lots<00:09:35.730> of<00:09:35.850> new<00:09:35.999> people 00:09:36.319 --> 00:09:36.329 align:start position:0% bull would bring in lots of new people 00:09:36.329 --> 00:09:38.059 align:start position:0% bull would bring in lots of new people and<00:09:36.600> then<00:09:36.749> the<00:09:37.079> bear<00:09:37.319> would<00:09:37.499> take<00:09:37.709> many<00:09:37.920> of 00:09:38.059 --> 00:09:38.069 align:start position:0% and then the bear would take many of 00:09:38.069 --> 00:09:40.189 align:start position:0% and then the bear would take many of them<00:09:38.189> out<00:09:38.279> however<00:09:39.209> the<00:09:39.509> cool<00:09:39.689> thing<00:09:39.870> is<00:09:39.899> that 00:09:40.189 --> 00:09:40.199 align:start position:0% them out however the cool thing is that 00:09:40.199 --> 00:09:41.720 align:start position:0% them out however the cool thing is that just<00:09:40.439> like<00:09:40.589> waves<00:09:40.829> crashing<00:09:41.370> on<00:09:41.430> the<00:09:41.550> beach 00:09:41.720 --> 00:09:41.730 align:start position:0% just like waves crashing on the beach 00:09:41.730 --> 00:09:43.879 align:start position:0% just like waves crashing on the beach which<00:09:42.660> pull<00:09:42.899> back<00:09:43.050> the<00:09:43.199> dust<00:09:43.439> and<00:09:43.620> the<00:09:43.680> silt 00:09:43.879 --> 00:09:43.889 align:start position:0% which pull back the dust and the silt 00:09:43.889 --> 00:09:45.439 align:start position:0% which pull back the dust and the silt leaving<00:09:44.249> behind<00:09:44.370> only<00:09:44.670> the<00:09:44.939> heaviest<00:09:45.209> of 00:09:45.439 --> 00:09:45.449 align:start position:0% leaving behind only the heaviest of 00:09:45.449 --> 00:09:47.900 align:start position:0% leaving behind only the heaviest of stones<00:09:45.709> the<00:09:46.709> most<00:09:46.920> passionate<00:09:47.339> people<00:09:47.459> the 00:09:47.900 --> 00:09:47.910 align:start position:0% stones the most passionate people the 00:09:47.910 --> 00:09:49.400 align:start position:0% stones the most passionate people the ones<00:09:48.089> with<00:09:48.240> whom<00:09:48.360> the<00:09:48.569> values<00:09:48.870> resonated<00:09:49.379> the 00:09:49.400 --> 00:09:49.410 align:start position:0% ones with whom the values resonated the 00:09:49.410 --> 00:09:52.780 align:start position:0% ones with whom the values resonated the most<00:09:49.499> have<00:09:50.220> still<00:09:50.459> stuck<00:09:50.610> around<00:09:51.499> that's<00:09:52.499> why 00:09:52.780 --> 00:09:52.790 align:start position:0% most have still stuck around that's why 00:09:52.790 --> 00:09:54.980 align:start position:0% most have still stuck around that's why the<00:09:53.790> most<00:09:53.999> prominent<00:09:54.329> people<00:09:54.389> we<00:09:54.629> meet<00:09:54.809> in<00:09:54.899> the 00:09:54.980 --> 00:09:54.990 align:start position:0% the most prominent people we meet in the 00:09:54.990 --> 00:09:56.720 align:start position:0% the most prominent people we meet in the crypto<00:09:55.259> ecosystem<00:09:55.800> are<00:09:55.980> often<00:09:56.309> the<00:09:56.399> ones<00:09:56.579> have 00:09:56.720 --> 00:09:56.730 align:start position:0% crypto ecosystem are often the ones have 00:09:56.730 --> 00:09:58.639 align:start position:0% crypto ecosystem are often the ones have been<00:09:56.759> around<00:09:57.120> the<00:09:57.269> longest<00:09:57.389> there<00:09:58.350> are<00:09:58.439> just 00:09:58.639 --> 00:09:58.649 align:start position:0% been around the longest there are just 00:09:58.649 --> 00:09:59.840 align:start position:0% been around the longest there are just the<00:09:58.769> ones<00:09:58.949> who've<00:09:59.100> stood<00:09:59.339> the<00:09:59.459> test<00:09:59.670> of<00:09:59.790> time 00:09:59.840 --> 00:09:59.850 align:start position:0% the ones who've stood the test of time 00:09:59.850 --> 00:10:01.939 align:start position:0% the ones who've stood the test of time while<00:10:00.329> their<00:10:00.509> peers<00:10:00.720> have<00:10:00.899> either<00:10:01.019> decided<00:10:01.769> to 00:10:01.939 --> 00:10:01.949 align:start position:0% while their peers have either decided to 00:10:01.949 --> 00:10:03.920 align:start position:0% while their peers have either decided to take<00:10:02.129> profits<00:10:02.399> or<00:10:02.819> realize<00:10:03.449> they<00:10:03.600> simply 00:10:03.920 --> 00:10:03.930 align:start position:0% take profits or realize they simply 00:10:03.930 --> 00:10:05.540 align:start position:0% take profits or realize they simply didn't<00:10:04.199> care<00:10:04.259> enough<00:10:04.559> to<00:10:04.620> continue<00:10:05.040> devoting 00:10:05.540 --> 00:10:05.550 align:start position:0% didn't care enough to continue devoting 00:10:05.550 --> 00:10:08.470 align:start position:0% didn't care enough to continue devoting their<00:10:05.670> lives<00:10:05.699> to<00:10:06.029> the<00:10:06.240> movement<00:10:06.569> we're<00:10:06.750> all<00:10:06.870> in 00:10:08.470 --> 00:10:08.480 align:start position:0% their lives to the movement we're all in 00:10:08.480 --> 00:10:11.449 align:start position:0% their lives to the movement we're all in this<00:10:09.480> was<00:10:09.959> step<00:10:10.170> three<00:10:10.559> of<00:10:10.589> the<00:10:10.740> process<00:10:10.829> and 00:10:11.449 --> 00:10:11.459 align:start position:0% this was step three of the process and 00:10:11.459 --> 00:10:13.160 align:start position:0% this was step three of the process and in<00:10:11.910> my<00:10:12.000> opinion<00:10:12.389> the<00:10:12.509> most<00:10:12.600> important<00:10:12.990> of<00:10:13.079> them 00:10:13.160 --> 00:10:13.170 align:start position:0% in my opinion the most important of them 00:10:13.170 --> 00:10:16.309 align:start position:0% in my opinion the most important of them all<00:10:13.290> building<00:10:14.279> a<00:10:14.399> culture<00:10:14.899> it's<00:10:15.899> important 00:10:16.309 --> 00:10:16.319 align:start position:0% all building a culture it's important 00:10:16.319 --> 00:10:17.809 align:start position:0% all building a culture it's important because<00:10:16.439> it<00:10:16.620> accomplishes<00:10:17.009> two<00:10:17.339> main<00:10:17.610> things 00:10:17.809 --> 00:10:17.819 align:start position:0% because it accomplishes two main things 00:10:17.819 --> 00:10:20.150 align:start position:0% because it accomplishes two main things number<00:10:18.660> one<00:10:18.899> is<00:10:19.019> it<00:10:19.170> brings<00:10:19.379> in<00:10:19.559> new<00:10:19.680> people<00:10:20.009> to 00:10:20.150 --> 00:10:20.160 align:start position:0% number one is it brings in new people to 00:10:20.160 --> 00:10:22.069 align:start position:0% number one is it brings in new people to the<00:10:20.189> ecosystem<00:10:20.819> and<00:10:21.120> number<00:10:21.600> two<00:10:21.750> is<00:10:21.870> that<00:10:21.930> it 00:10:22.069 --> 00:10:22.079 align:start position:0% the ecosystem and number two is that it 00:10:22.079 --> 00:10:24.559 align:start position:0% the ecosystem and number two is that it brings<00:10:22.290> in<00:10:22.439> new<00:10:22.559> money<00:10:23.089> now<00:10:24.089> bringing<00:10:24.449> in 00:10:24.559 --> 00:10:24.569 align:start position:0% brings in new money now bringing in 00:10:24.569 --> 00:10:26.900 align:start position:0% brings in new money now bringing in people<00:10:24.750> to<00:10:25.319> an<00:10:25.410> ecosystem<00:10:25.620> is<00:10:26.040> obvious<00:10:26.670> you 00:10:26.900 --> 00:10:26.910 align:start position:0% people to an ecosystem is obvious you 00:10:26.910 --> 00:10:28.790 align:start position:0% people to an ecosystem is obvious you know<00:10:27.120> a<00:10:27.149> fairly<00:10:27.420> self-evident<00:10:27.809> if<00:10:28.529> you<00:10:28.680> can 00:10:28.790 --> 00:10:28.800 align:start position:0% know a fairly self-evident if you can 00:10:28.800 --> 00:10:30.619 align:start position:0% know a fairly self-evident if you can aspire<00:10:29.069> people<00:10:29.490> with<00:10:29.699> what's<00:10:29.910> possible<00:10:30.329> then 00:10:30.619 --> 00:10:30.629 align:start position:0% aspire people with what's possible then 00:10:30.629 --> 00:10:31.759 align:start position:0% aspire people with what's possible then there'll<00:10:30.839> be<00:10:30.870> more<00:10:31.110> people<00:10:31.139> willing<00:10:31.740> to 00:10:31.759 --> 00:10:31.769 align:start position:0% there'll be more people willing to 00:10:31.769 --> 00:10:33.679 align:start position:0% there'll be more people willing to complete<00:10:32.309> tasks<00:10:32.759> in<00:10:32.939> exchange<00:10:33.240> for<00:10:33.300> the<00:10:33.480> token 00:10:33.679 --> 00:10:33.689 align:start position:0% complete tasks in exchange for the token 00:10:33.689 --> 00:10:36.199 align:start position:0% complete tasks in exchange for the token in<00:10:33.870> question<00:10:34.399> such<00:10:35.399> as<00:10:35.550> running<00:10:35.759> a<00:10:35.879> Bitcoin 00:10:36.199 --> 00:10:36.209 align:start position:0% in question such as running a Bitcoin 00:10:36.209 --> 00:10:38.240 align:start position:0% in question such as running a Bitcoin miner<00:10:36.240> in<00:10:36.629> 2009<00:10:37.350> when<00:10:37.559> the<00:10:37.620> tokens<00:10:37.920> really 00:10:38.240 --> 00:10:38.250 align:start position:0% miner in 2009 when the tokens really 00:10:38.250 --> 00:10:42.079 align:start position:0% miner in 2009 when the tokens really weren't<00:10:38.459> worth<00:10:38.579> that<00:10:38.759> much<00:10:40.759> similarly<00:10:41.759> you'll 00:10:42.079 --> 00:10:42.089 align:start position:0% weren't worth that much similarly you'll 00:10:42.089 --> 00:10:43.100 align:start position:0% weren't worth that much similarly you'll have<00:10:42.269> people<00:10:42.569> who<00:10:42.720> are<00:10:42.809> willing<00:10:42.990> to 00:10:43.100 --> 00:10:43.110 align:start position:0% have people who are willing to 00:10:43.110 --> 00:10:45.019 align:start position:0% have people who are willing to perpetuate<00:10:43.740> the<00:10:43.860> culture<00:10:43.889> yelling<00:10:44.850> by 00:10:45.019 --> 00:10:45.029 align:start position:0% perpetuate the culture yelling by 00:10:45.029 --> 00:10:46.460 align:start position:0% perpetuate the culture yelling by Bitcoin<00:10:45.480> that<00:10:45.660> anyone<00:10:46.019> who's<00:10:46.170> willing<00:10:46.319> to 00:10:46.460 --> 00:10:46.470 align:start position:0% Bitcoin that anyone who's willing to 00:10:46.470 --> 00:10:49.400 align:start position:0% Bitcoin that anyone who's willing to listen<00:10:46.670> by<00:10:47.670> bringing<00:10:48.120> people<00:10:48.240> in<00:10:48.629> you'll<00:10:49.259> also 00:10:49.400 --> 00:10:49.410 align:start position:0% listen by bringing people in you'll also 00:10:49.410 --> 00:10:51.019 align:start position:0% listen by bringing people in you'll also have<00:10:49.589> people<00:10:49.860> who<00:10:49.980> see<00:10:50.129> value<00:10:50.699> in<00:10:50.730> what's 00:10:51.019 --> 00:10:51.029 align:start position:0% have people who see value in what's 00:10:51.029 --> 00:10:53.540 align:start position:0% have people who see value in what's built<00:10:51.269> who<00:10:52.019> are<00:10:52.709> willing<00:10:52.860> to<00:10:52.980> actually<00:10:53.339> use 00:10:53.540 --> 00:10:53.550 align:start position:0% built who are willing to actually use 00:10:53.550 --> 00:10:55.730 align:start position:0% built who are willing to actually use the<00:10:53.699> solutions<00:10:54.149> that<00:10:54.300> we're<00:10:54.420> creating<00:10:54.740> people 00:10:55.730 --> 00:10:55.740 align:start position:0% the solutions that we're creating people 00:10:55.740 --> 00:10:57.489 align:start position:0% the solutions that we're creating people understand<00:10:56.249> the<00:10:56.370> merits<00:10:56.519> of<00:10:56.670> the<00:10:56.790> technology 00:10:57.489 --> 00:10:57.499 align:start position:0% understand the merits of the technology 00:10:57.499 --> 00:11:00.079 align:start position:0% understand the merits of the technology that<00:10:58.499> we've<00:10:58.649> developed<00:10:58.679> and<00:10:59.370> will<00:10:59.850> derive 00:11:00.079 --> 00:11:00.089 align:start position:0% that we've developed and will derive 00:11:00.089 --> 00:11:02.179 align:start position:0% that we've developed and will derive benefit<00:11:00.509> from<00:11:00.540> them<00:11:00.870> in<00:11:01.079> the<00:11:01.470> real<00:11:01.649> everyday 00:11:02.179 --> 00:11:02.189 align:start position:0% benefit from them in the real everyday 00:11:02.189 --> 00:11:04.689 align:start position:0% benefit from them in the real everyday lives 00:11:04.689 --> 00:11:04.699 align:start position:0% 00:11:04.699 --> 00:11:07.249 align:start position:0% finally<00:11:05.699> by<00:11:05.879> inspiring<00:11:06.269> people<00:11:06.420> and<00:11:06.899> building 00:11:07.249 --> 00:11:07.259 align:start position:0% finally by inspiring people and building 00:11:07.259 --> 00:11:08.900 align:start position:0% finally by inspiring people and building a<00:11:07.319> commitment<00:11:07.709> to<00:11:07.769> the<00:11:07.860> cause<00:11:08.009> you<00:11:08.550> create<00:11:08.850> a 00:11:08.900 --> 00:11:08.910 align:start position:0% a commitment to the cause you create a 00:11:08.910 --> 00:11:11.049 align:start position:0% a commitment to the cause you create a really<00:11:09.179> necessary<00:11:10.110> economic<00:11:10.350> force 00:11:11.049 --> 00:11:11.059 align:start position:0% really necessary economic force 00:11:11.059 --> 00:11:12.650 align:start position:0% really necessary economic force haughtily 00:11:12.650 --> 00:11:12.660 align:start position:0% haughtily 00:11:12.660 --> 00:11:15.260 align:start position:0% haughtily without<00:11:13.560> Hato<00:11:13.860> culture<00:11:14.310> Bitcoin<00:11:15.120> would 00:11:15.260 --> 00:11:15.270 align:start position:0% without Hato culture Bitcoin would 00:11:15.270 --> 00:11:16.640 align:start position:0% without Hato culture Bitcoin would likely<00:11:15.720> be<00:11:15.990> worthless 00:11:16.640 --> 00:11:16.650 align:start position:0% likely be worthless 00:11:16.650 --> 00:11:18.080 align:start position:0% likely be worthless people<00:11:17.070> would<00:11:17.220> dump<00:11:17.400> their<00:11:17.550> tokens<00:11:17.880> at<00:11:18.000> the 00:11:18.080 --> 00:11:18.090 align:start position:0% people would dump their tokens at the 00:11:18.090 --> 00:11:20.750 align:start position:0% people would dump their tokens at the first<00:11:18.300> sign<00:11:18.480> of<00:11:18.510> changing<00:11:18.990> winds<00:11:19.760> hollow 00:11:20.750 --> 00:11:20.760 align:start position:0% first sign of changing winds hollow 00:11:20.760 --> 00:11:22.430 align:start position:0% first sign of changing winds hollow culture<00:11:21.180> at<00:11:21.300> its<00:11:21.330> core<00:11:21.630> is<00:11:21.810> this<00:11:22.050> mutual 00:11:22.430 --> 00:11:22.440 align:start position:0% culture at its core is this mutual 00:11:22.440 --> 00:11:24.890 align:start position:0% culture at its core is this mutual agreement<00:11:22.890> by<00:11:23.730> the<00:11:23.790> community<00:11:24.270> to<00:11:24.450> fight<00:11:24.660> back 00:11:24.890 --> 00:11:24.900 align:start position:0% agreement by the community to fight back 00:11:24.900 --> 00:11:26.870 align:start position:0% agreement by the community to fight back against<00:11:25.320> the<00:11:25.410> Bears<00:11:25.620> -<00:11:26.130> all<00:11:26.310> agree<00:11:26.610> that<00:11:26.640> the 00:11:26.870 --> 00:11:26.880 align:start position:0% against the Bears - all agree that the 00:11:26.880 --> 00:11:28.340 align:start position:0% against the Bears - all agree that the future<00:11:27.210> state<00:11:27.390> of<00:11:27.510> the<00:11:27.570> network<00:11:27.750> is<00:11:28.050> still 00:11:28.340 --> 00:11:28.350 align:start position:0% future state of the network is still 00:11:28.350 --> 00:11:29.630 align:start position:0% future state of the network is still going<00:11:28.500> to<00:11:28.620> be<00:11:28.710> better<00:11:28.890> than<00:11:29.130> the<00:11:29.220> current<00:11:29.520> one 00:11:29.630 --> 00:11:29.640 align:start position:0% going to be better than the current one 00:11:29.640 --> 00:11:32.480 align:start position:0% going to be better than the current one and<00:11:30.110> like<00:11:31.110> many<00:11:31.260> things<00:11:31.500> in<00:11:31.620> the<00:11:31.740> world<00:11:31.770> this 00:11:32.480 --> 00:11:32.490 align:start position:0% and like many things in the world this 00:11:32.490 --> 00:11:34.010 align:start position:0% and like many things in the world this became<00:11:32.760> a<00:11:32.820> self-fulfilling<00:11:33.180> prophecy 00:11:34.010 --> 00:11:34.020 align:start position:0% became a self-fulfilling prophecy 00:11:34.020 --> 00:11:35.840 align:start position:0% became a self-fulfilling prophecy if<00:11:34.530> everyone<00:11:34.950> had<00:11:35.070> believed<00:11:35.370> that<00:11:35.550> Bitcoin 00:11:35.840 --> 00:11:35.850 align:start position:0% if everyone had believed that Bitcoin 00:11:35.850 --> 00:11:38.090 align:start position:0% if everyone had believed that Bitcoin was<00:11:36.000> likely<00:11:36.180> to<00:11:36.360> fail<00:11:36.570> it<00:11:37.260> probably<00:11:37.950> would 00:11:38.090 --> 00:11:38.100 align:start position:0% was likely to fail it probably would 00:11:38.100 --> 00:11:40.580 align:start position:0% was likely to fail it probably would have<00:11:38.130> failed<00:11:38.510> but<00:11:39.510> if<00:11:40.170> you<00:11:40.350> could<00:11:40.470> get 00:11:40.580 --> 00:11:40.590 align:start position:0% have failed but if you could get 00:11:40.590 --> 00:11:42.470 align:start position:0% have failed but if you could get everybody<00:11:40.830> or<00:11:41.190> at<00:11:41.610> least<00:11:41.850> a<00:11:41.940> critical<00:11:42.300> mass<00:11:42.450> of 00:11:42.470 --> 00:11:42.480 align:start position:0% everybody or at least a critical mass of 00:11:42.480 --> 00:11:44.480 align:start position:0% everybody or at least a critical mass of people<00:11:42.930> to<00:11:43.500> believe<00:11:43.620> Bitcoin<00:11:44.010> would<00:11:44.130> succeed 00:11:44.480 --> 00:11:44.490 align:start position:0% people to believe Bitcoin would succeed 00:11:44.490 --> 00:11:47.960 align:start position:0% people to believe Bitcoin would succeed then<00:11:45.300> it<00:11:45.420> would<00:11:46.340> at<00:11:47.340> a<00:11:47.400> certain<00:11:47.700> point<00:11:47.820> it 00:11:47.960 --> 00:11:47.970 align:start position:0% then it would at a certain point it 00:11:47.970 --> 00:11:48.890 align:start position:0% then it would at a certain point it stopped<00:11:48.150> mattering<00:11:48.360> what<00:11:48.660> the<00:11:48.750> naysayers 00:11:48.890 --> 00:11:48.900 align:start position:0% stopped mattering what the naysayers 00:11:48.900 --> 00:11:50.870 align:start position:0% stopped mattering what the naysayers thought<00:11:49.410> because<00:11:50.040> the<00:11:50.160> movement<00:11:50.490> was<00:11:50.550> simply 00:11:50.870 --> 00:11:50.880 align:start position:0% thought because the movement was simply 00:11:50.880 --> 00:11:52.970 align:start position:0% thought because the movement was simply too<00:11:51.060> wide<00:11:51.210> to<00:11:51.360> fail<00:11:51.570> and<00:11:51.840> of<00:11:52.500> course<00:11:52.710> this<00:11:52.860> is 00:11:52.970 --> 00:11:52.980 align:start position:0% too wide to fail and of course this is 00:11:52.980 --> 00:11:55.010 align:start position:0% too wide to fail and of course this is now<00:11:53.130> what<00:11:53.310> we<00:11:53.340> see<00:11:53.580> with<00:11:53.790> Bitcoin<00:11:54.150> and<00:11:54.360> central 00:11:55.010 --> 00:11:55.020 align:start position:0% now what we see with Bitcoin and central 00:11:55.020 --> 00:11:56.480 align:start position:0% now what we see with Bitcoin and central bank's<00:11:55.320> admitting<00:11:55.770> their<00:11:55.890> defeat<00:11:56.190> to<00:11:56.370> its 00:11:56.480 --> 00:11:56.490 align:start position:0% bank's admitting their defeat to its 00:11:56.490 --> 00:12:00.200 align:start position:0% bank's admitting their defeat to its permanence<00:11:58.400> next<00:11:59.400> it's<00:11:59.700> important<00:12:00.090> I<00:12:00.150> think 00:12:00.200 --> 00:12:00.210 align:start position:0% permanence next it's important I think 00:12:00.210 --> 00:12:02.030 align:start position:0% permanence next it's important I think to<00:12:00.480> talk<00:12:00.630> about<00:12:00.780> the<00:12:01.200> relevance<00:12:01.440> of<00:12:01.710> bringing 00:12:02.030 --> 00:12:02.040 align:start position:0% to talk about the relevance of bringing 00:12:02.040 --> 00:12:04.540 align:start position:0% to talk about the relevance of bringing in<00:12:02.160> external<00:12:02.580> money<00:12:02.880> to<00:12:03.060> the<00:12:03.150> ecosystem<00:12:03.720> and 00:12:04.540 --> 00:12:04.550 align:start position:0% in external money to the ecosystem and 00:12:04.550 --> 00:12:07.100 align:start position:0% in external money to the ecosystem and highlight<00:12:05.550> the<00:12:06.000> unpopular<00:12:06.510> opinion<00:12:06.900> that 00:12:07.100 --> 00:12:07.110 align:start position:0% highlight the unpopular opinion that 00:12:07.110 --> 00:12:09.200 align:start position:0% highlight the unpopular opinion that traders<00:12:07.740> are<00:12:08.010> actually<00:12:08.580> incredibly 00:12:09.200 --> 00:12:09.210 align:start position:0% traders are actually incredibly 00:12:09.210 --> 00:12:12.260 align:start position:0% traders are actually incredibly important<00:12:09.690> to<00:12:09.870> what<00:12:10.050> we're<00:12:10.200> building<00:12:11.270> while 00:12:12.260 --> 00:12:12.270 align:start position:0% important to what we're building while 00:12:12.270 --> 00:12:14.090 align:start position:0% important to what we're building while it's<00:12:12.480> all<00:12:12.810> very<00:12:13.170> well<00:12:13.260> and<00:12:13.530> good<00:12:13.650> to<00:12:13.710> have<00:12:13.920> a 00:12:14.090 --> 00:12:14.100 align:start position:0% it's all very well and good to have a 00:12:14.100 --> 00:12:15.920 align:start position:0% it's all very well and good to have a token<00:12:14.550> and<00:12:14.880> great<00:12:15.120> to<00:12:15.270> have<00:12:15.390> people<00:12:15.720> willing 00:12:15.920 --> 00:12:15.930 align:start position:0% token and great to have people willing 00:12:15.930 --> 00:12:17.390 align:start position:0% token and great to have people willing to<00:12:16.080> earn<00:12:16.260> it<00:12:16.440> while<00:12:16.620> completing<00:12:16.980> tasks 00:12:17.390 --> 00:12:17.400 align:start position:0% to earn it while completing tasks 00:12:17.400 --> 00:12:19.010 align:start position:0% to earn it while completing tasks ultimately<00:12:18.180> it<00:12:18.360> doesn't<00:12:18.540> really<00:12:18.750> matter 00:12:19.010 --> 00:12:19.020 align:start position:0% ultimately it doesn't really matter 00:12:19.020 --> 00:12:20.300 align:start position:0% ultimately it doesn't really matter unless<00:12:19.260> the<00:12:19.500> tokens<00:12:19.830> are<00:12:19.890> worth<00:12:20.070> something 00:12:20.300 --> 00:12:20.310 align:start position:0% unless the tokens are worth something 00:12:20.310 --> 00:12:22.580 align:start position:0% unless the tokens are worth something eventually<00:12:21.060> people<00:12:21.540> do<00:12:21.840> still<00:12:22.140> need<00:12:22.200> to<00:12:22.380> cash 00:12:22.580 --> 00:12:22.590 align:start position:0% eventually people do still need to cash 00:12:22.590 --> 00:12:24.500 align:start position:0% eventually people do still need to cash out<00:12:22.830> and<00:12:23.040> pay<00:12:23.610> for<00:12:23.670> their<00:12:23.880> power<00:12:24.060> bills<00:12:24.360> in 00:12:24.500 --> 00:12:24.510 align:start position:0% out and pay for their power bills in 00:12:24.510 --> 00:12:27.230 align:start position:0% out and pay for their power bills in their<00:12:24.630> rent<00:12:25.160> unless<00:12:26.160> our<00:12:26.520> community<00:12:26.940> can<00:12:27.150> be 00:12:27.230 --> 00:12:27.240 align:start position:0% their rent unless our community can be 00:12:27.240 --> 00:12:29.270 align:start position:0% their rent unless our community can be entirely<00:12:27.630> vertically<00:12:28.290> integrated<00:12:28.770> all<00:12:28.920> the 00:12:29.270 --> 00:12:29.280 align:start position:0% entirely vertically integrated all the 00:12:29.280 --> 00:12:30.590 align:start position:0% entirely vertically integrated all the way<00:12:29.370> down<00:12:29.550> to<00:12:29.730> the<00:12:29.850> bread<00:12:30.030> we<00:12:30.180> put<00:12:30.360> on<00:12:30.450> our 00:12:30.590 --> 00:12:30.600 align:start position:0% way down to the bread we put on our 00:12:30.600 --> 00:12:32.690 align:start position:0% way down to the bread we put on our tables<00:12:30.960> in<00:12:31.080> the<00:12:31.170> rent<00:12:31.350> we<00:12:31.590> put<00:12:31.770> and<00:12:32.010> the<00:12:32.250> roofs 00:12:32.690 --> 00:12:32.700 align:start position:0% tables in the rent we put and the roofs 00:12:32.700 --> 00:12:34.580 align:start position:0% tables in the rent we put and the roofs we<00:12:32.850> put<00:12:33.000> over<00:12:33.240> our<00:12:33.270> heads<00:12:33.600> people<00:12:34.320> eventually 00:12:34.580 --> 00:12:34.590 align:start position:0% we put over our heads people eventually 00:12:34.590 --> 00:12:36.050 align:start position:0% we put over our heads people eventually still<00:12:34.980> need<00:12:35.130> to<00:12:35.220> spend<00:12:35.430> money<00:12:35.550> outside<00:12:35.790> of<00:12:36.000> the 00:12:36.050 --> 00:12:36.060 align:start position:0% still need to spend money outside of the 00:12:36.060 --> 00:12:39.680 align:start position:0% still need to spend money outside of the ecosystem<00:12:36.630> this<00:12:37.590> is<00:12:37.950> basic<00:12:38.820> macroeconomics 00:12:39.680 --> 00:12:39.690 align:start position:0% ecosystem this is basic macroeconomics 00:12:39.690 --> 00:12:41.420 align:start position:0% ecosystem this is basic macroeconomics the<00:12:40.140> money<00:12:40.350> flowing<00:12:40.590> out<00:12:40.830> can't<00:12:41.190> be<00:12:41.280> bigger 00:12:41.420 --> 00:12:41.430 align:start position:0% the money flowing out can't be bigger 00:12:41.430 --> 00:12:44.360 align:start position:0% the money flowing out can't be bigger than<00:12:41.580> the<00:12:41.670> money<00:12:41.820> flowing<00:12:42.060> in<00:12:43.220> sometimes<00:12:44.220> the 00:12:44.360 --> 00:12:44.370 align:start position:0% than the money flowing in sometimes the 00:12:44.370 --> 00:12:46.130 align:start position:0% than the money flowing in sometimes the money<00:12:44.520> flowing<00:12:44.760> in<00:12:45.000> will<00:12:45.210> be<00:12:45.360> for<00:12:45.660> altruistic 00:12:46.130 --> 00:12:46.140 align:start position:0% money flowing in will be for altruistic 00:12:46.140 --> 00:12:48.350 align:start position:0% money flowing in will be for altruistic reasons<00:12:46.170> like<00:12:46.860> donations<00:12:47.220> sometimes<00:12:48.210> it'll 00:12:48.350 --> 00:12:48.360 align:start position:0% reasons like donations sometimes it'll 00:12:48.360 --> 00:12:50.060 align:start position:0% reasons like donations sometimes it'll be<00:12:48.510> because<00:12:48.840> people<00:12:49.170> need<00:12:49.320> to<00:12:49.410> buy<00:12:49.500> a<00:12:49.530> token<00:12:49.950> to 00:12:50.060 --> 00:12:50.070 align:start position:0% be because people need to buy a token to 00:12:50.070 --> 00:12:51.740 align:start position:0% be because people need to buy a token to get<00:12:50.340> utility<00:12:50.850> out<00:12:50.880> of<00:12:51.030> the<00:12:51.120> network<00:12:51.270> and 00:12:51.740 --> 00:12:51.750 align:start position:0% get utility out of the network and 00:12:51.750 --> 00:12:53.990 align:start position:0% get utility out of the network and sometimes<00:12:52.710> it's<00:12:52.890> simply<00:12:53.160> that<00:12:53.400> people<00:12:53.430> have 00:12:53.990 --> 00:12:54.000 align:start position:0% sometimes it's simply that people have 00:12:54.000 --> 00:12:55.910 align:start position:0% sometimes it's simply that people have faith<00:12:54.270> in<00:12:54.510> that<00:12:54.750> what<00:12:55.260> they're<00:12:55.410> doing<00:12:55.680> might 00:12:55.910 --> 00:12:55.920 align:start position:0% faith in that what they're doing might 00:12:55.920 --> 00:12:57.550 align:start position:0% faith in that what they're doing might eventually<00:12:56.280> be<00:12:56.670> in<00:12:56.790> their<00:12:56.910> best<00:12:57.060> interest 00:12:57.550 --> 00:12:57.560 align:start position:0% eventually be in their best interest 00:12:57.560 --> 00:13:01.760 align:start position:0% eventually be in their best interest however<00:12:58.850> most<00:12:59.850> of<00:12:59.970> the<00:13:00.030> time<00:13:00.500> people<00:13:01.500> just 00:13:01.760 --> 00:13:01.770 align:start position:0% however most of the time people just 00:13:01.770 --> 00:13:03.560 align:start position:0% however most of the time people just want<00:13:01.920> to<00:13:01.950> turn<00:13:02.070> two<00:13:02.310> dollars<00:13:02.670> into<00:13:02.910> three<00:13:03.180> and 00:13:03.560 --> 00:13:03.570 align:start position:0% want to turn two dollars into three and 00:13:03.570 --> 00:13:06.530 align:start position:0% want to turn two dollars into three and in<00:13:04.530> my<00:13:04.650> opinion<00:13:04.740> that's<00:13:05.040> okay<00:13:05.310> because<00:13:06.240> their 00:13:06.530 --> 00:13:06.540 align:start position:0% in my opinion that's okay because their 00:13:06.540 --> 00:13:09.380 align:start position:0% in my opinion that's okay because their speculation<00:13:07.170> is<00:13:07.350> still<00:13:07.800> necessary<00:13:08.270> while<00:13:09.270> we 00:13:09.380 --> 00:13:09.390 align:start position:0% speculation is still necessary while we 00:13:09.390 --> 00:13:11.300 align:start position:0% speculation is still necessary while we figure<00:13:09.660> out<00:13:09.690> how<00:13:10.050> to<00:13:10.110> correctly<00:13:10.530> create<00:13:11.070> and 00:13:11.300 --> 00:13:11.310 align:start position:0% figure out how to correctly create and 00:13:11.310 --> 00:13:15.830 align:start position:0% figure out how to correctly create and capture<00:13:11.640> value<00:13:13.220> so<00:13:14.220> to<00:13:14.280> recap<00:13:14.700> these<00:13:15.540> are<00:13:15.750> the 00:13:15.830 --> 00:13:15.840 align:start position:0% capture value so to recap these are the 00:13:15.840 --> 00:13:17.720 align:start position:0% capture value so to recap these are the three<00:13:16.110> key<00:13:16.290> steps<00:13:16.500> to<00:13:16.860> building<00:13:17.250> a<00:13:17.340> tokenized 00:13:17.720 --> 00:13:17.730 align:start position:0% three key steps to building a tokenized 00:13:17.730 --> 00:13:21.320 align:start position:0% three key steps to building a tokenized community<00:13:18.920> number<00:13:19.920> one<00:13:20.070> choose<00:13:21.000> a<00:13:21.030> set<00:13:21.240> of 00:13:21.320 --> 00:13:21.330 align:start position:0% community number one choose a set of 00:13:21.330 --> 00:13:23.150 align:start position:0% community number one choose a set of goals<00:13:21.570> and<00:13:21.780> values<00:13:22.050> and<00:13:22.589> state<00:13:22.980> them 00:13:23.150 --> 00:13:23.160 align:start position:0% goals and values and state them 00:13:23.160 --> 00:13:24.590 align:start position:0% goals and values and state them explicitly<00:13:23.640> so<00:13:23.850> that<00:13:23.970> they<00:13:24.060> can<00:13:24.210> attract 00:13:24.590 --> 00:13:24.600 align:start position:0% explicitly so that they can attract 00:13:24.600 --> 00:13:25.650 align:start position:0% explicitly so that they can attract people<00:13:24.690> who<00:13:25.200> will 00:13:25.650 --> 00:13:25.660 align:start position:0% people who will 00:13:25.660 --> 00:13:27.120 align:start position:0% people who will with<00:13:25.900> the<00:13:26.020> mission<00:13:26.170> making<00:13:26.650> sure<00:13:26.890> that<00:13:27.010> the 00:13:27.120 --> 00:13:27.130 align:start position:0% with the mission making sure that the 00:13:27.130 --> 00:13:28.800 align:start position:0% with the mission making sure that the actions<00:13:27.520> of<00:13:27.610> the<00:13:27.730> early<00:13:28.030> members<00:13:28.180> embody 00:13:28.800 --> 00:13:28.810 align:start position:0% actions of the early members embody 00:13:28.810 --> 00:13:33.180 align:start position:0% actions of the early members embody those<00:13:28.990> values<00:13:30.630> number<00:13:31.630> two<00:13:31.810> create<00:13:32.650> a<00:13:32.770> token 00:13:33.180 --> 00:13:33.190 align:start position:0% those values number two create a token 00:13:33.190 --> 00:13:34.500 align:start position:0% those values number two create a token in<00:13:33.340> a<00:13:33.400> protocol<00:13:33.820> which<00:13:34.000> embodied<00:13:34.480> that 00:13:34.500 --> 00:13:34.510 align:start position:0% in a protocol which embodied that 00:13:34.510 --> 00:13:36.090 align:start position:0% in a protocol which embodied that mission<00:13:34.960> and<00:13:35.140> effectively<00:13:35.560> reward<00:13:35.980> the 00:13:36.090 --> 00:13:36.100 align:start position:0% mission and effectively reward the 00:13:36.100 --> 00:13:37.560 align:start position:0% mission and effectively reward the activities<00:13:36.550> which<00:13:36.880> help<00:13:37.030> the<00:13:37.180> community 00:13:37.560 --> 00:13:37.570 align:start position:0% activities which help the community 00:13:37.570 --> 00:13:41.580 align:start position:0% activities which help the community achieve<00:13:37.810> its<00:13:37.960> goals<00:13:38.140> and<00:13:40.020> number<00:13:41.020> three<00:13:41.260> and 00:13:41.580 --> 00:13:41.590 align:start position:0% achieve its goals and number three and 00:13:41.590 --> 00:13:44.100 align:start position:0% achieve its goals and number three and in<00:13:42.250> my<00:13:42.370> opinion<00:13:42.700> most<00:13:42.850> importantly<00:13:43.300> create<00:13:43.960> a 00:13:44.100 --> 00:13:44.110 align:start position:0% in my opinion most importantly create a 00:13:44.110 --> 00:13:45.410 align:start position:0% in my opinion most importantly create a culture<00:13:44.410> which<00:13:44.650> perpetuates<00:13:45.100> itself 00:13:45.410 --> 00:13:45.420 align:start position:0% culture which perpetuates itself 00:13:45.420 --> 00:13:47.400 align:start position:0% culture which perpetuates itself infecting<00:13:46.420> the<00:13:46.510> minds<00:13:46.660> of<00:13:46.810> people<00:13:46.930> around<00:13:47.260> the 00:13:47.400 --> 00:13:47.410 align:start position:0% infecting the minds of people around the 00:13:47.410 --> 00:13:48.780 align:start position:0% infecting the minds of people around the world<00:13:47.530> by<00:13:47.740> capturing<00:13:48.220> their<00:13:48.340> hearts<00:13:48.580> and 00:13:48.780 --> 00:13:48.790 align:start position:0% world by capturing their hearts and 00:13:48.790 --> 00:13:53.820 align:start position:0% world by capturing their hearts and inspiring<00:13:49.120> them<00:13:49.330> with<00:13:49.420> change<00:13:51.330> so<00:13:52.330> this<00:13:53.230> might 00:13:53.820 --> 00:13:53.830 align:start position:0% inspiring them with change so this might 00:13:53.830 --> 00:13:56.940 align:start position:0% inspiring them with change so this might seem<00:13:54.280> like<00:13:54.310> a<00:13:54.490> done<00:13:54.940> deal<00:13:55.210> right<00:13:55.740> you<00:13:56.740> know<00:13:56.830> the 00:13:56.940 --> 00:13:56.950 align:start position:0% seem like a done deal right you know the 00:13:56.950 --> 00:13:58.620 align:start position:0% seem like a done deal right you know the play<00:13:57.160> books<00:13:57.370> already<00:13:57.640> written<00:13:57.940> we<00:13:58.390> can<00:13:58.540> all 00:13:58.620 --> 00:13:58.630 align:start position:0% play books already written we can all 00:13:58.630 --> 00:14:02.550 align:start position:0% play books already written we can all pack<00:13:58.840> up<00:13:59.020> and<00:13:59.170> go<00:13:59.350> home<00:13:59.380> right<00:14:01.560> unfortunately 00:14:02.550 --> 00:14:02.560 align:start position:0% pack up and go home right unfortunately 00:14:02.560 --> 00:14:04.080 align:start position:0% pack up and go home right unfortunately as<00:14:02.710> we<00:14:02.890> can<00:14:03.070> fairly<00:14:03.460> self-evidently 00:14:04.080 --> 00:14:04.090 align:start position:0% as we can fairly self-evidently 00:14:04.090 --> 00:14:06.300 align:start position:0% as we can fairly self-evidently recognize<00:14:04.660> there<00:14:05.290> are<00:14:05.440> parts<00:14:05.740> of<00:14:05.830> this<00:14:06.010> which 00:14:06.300 --> 00:14:06.310 align:start position:0% recognize there are parts of this which 00:14:06.310 --> 00:14:09.390 align:start position:0% recognize there are parts of this which remained<00:14:06.640> very<00:14:06.880> much<00:14:07.030> unsolved<00:14:08.130> for<00:14:09.130> instance 00:14:09.390 --> 00:14:09.400 align:start position:0% remained very much unsolved for instance 00:14:09.400 --> 00:14:11.850 align:start position:0% remained very much unsolved for instance look<00:14:09.910> at<00:14:10.140> bitcoins<00:14:11.140> token<00:14:11.440> dispersal 00:14:11.850 --> 00:14:11.860 align:start position:0% look at bitcoins token dispersal 00:14:11.860 --> 00:14:13.860 align:start position:0% look at bitcoins token dispersal mechanism<00:14:12.340> how<00:14:12.850> efficiently<00:14:13.330> did<00:14:13.540> it<00:14:13.630> really 00:14:13.860 --> 00:14:13.870 align:start position:0% mechanism how efficiently did it really 00:14:13.870 --> 00:14:15.870 align:start position:0% mechanism how efficiently did it really reward<00:14:14.200> people<00:14:14.380> who<00:14:14.770> contributed<00:14:15.670> the<00:14:15.790> most 00:14:15.870 --> 00:14:15.880 align:start position:0% reward people who contributed the most 00:14:15.880 --> 00:14:18.030 align:start position:0% reward people who contributed the most to<00:14:16.030> its<00:14:16.210> creation<00:14:16.660> and<00:14:16.780> propagation<00:14:17.230> versus 00:14:18.030 --> 00:14:18.040 align:start position:0% to its creation and propagation versus 00:14:18.040 --> 00:14:19.620 align:start position:0% to its creation and propagation versus the<00:14:18.190> vast<00:14:18.460> number<00:14:18.850> of<00:14:18.880> Free<00:14:19.090> Riders<00:14:19.330> who 00:14:19.620 --> 00:14:19.630 align:start position:0% the vast number of Free Riders who 00:14:19.630 --> 00:14:22.140 align:start position:0% the vast number of Free Riders who happen<00:14:20.020> to<00:14:20.050> buy<00:14:20.260> in<00:14:20.410> early<00:14:20.770> and<00:14:20.950> hold<00:14:21.850> for<00:14:22.030> long 00:14:22.140 --> 00:14:22.150 align:start position:0% happen to buy in early and hold for long 00:14:22.150 --> 00:14:24.540 align:start position:0% happen to buy in early and hold for long enough<00:14:22.390> to<00:14:22.540> become<00:14:22.660> millionaires<00:14:23.310> has<00:14:24.310> too 00:14:24.540 --> 00:14:24.550 align:start position:0% enough to become millionaires has too 00:14:24.550 --> 00:14:26.160 align:start position:0% enough to become millionaires has too much<00:14:24.700> value<00:14:24.910> been<00:14:25.210> generated<00:14:25.720> for<00:14:26.020> too<00:14:26.140> few 00:14:26.160 --> 00:14:26.170 align:start position:0% much value been generated for too few 00:14:26.170 --> 00:14:29.550 align:start position:0% much value been generated for too few too<00:14:26.860> early<00:14:27.190> so<00:14:27.670> that<00:14:27.700> the<00:14:27.880> remaining<00:14:28.180> 99.6%<00:14:29.170> of 00:14:29.550 --> 00:14:29.560 align:start position:0% too early so that the remaining 99.6% of 00:14:29.560 --> 00:14:32.130 align:start position:0% too early so that the remaining 99.6% of people<00:14:29.830> who<00:14:30.100> won't<00:14:30.220> even<00:14:30.460> care<00:14:30.700> and<00:14:31.140> what 00:14:32.130 --> 00:14:32.140 align:start position:0% people who won't even care and what 00:14:32.140 --> 00:14:33.870 align:start position:0% people who won't even care and what about<00:14:32.230> culture<00:14:32.650> how<00:14:33.160> well<00:14:33.370> is<00:14:33.490> it<00:14:33.610> done<00:14:33.760> to 00:14:33.870 --> 00:14:33.880 align:start position:0% about culture how well is it done to 00:14:33.880 --> 00:14:35.520 align:start position:0% about culture how well is it done to inspire<00:14:34.240> people<00:14:34.270> who<00:14:34.660> are<00:14:34.780> in<00:14:34.870> technologists 00:14:35.520 --> 00:14:35.530 align:start position:0% inspire people who are in technologists 00:14:35.530 --> 00:14:36.690 align:start position:0% inspire people who are in technologists or<00:14:35.650> who<00:14:35.980> don't<00:14:36.130> have<00:14:36.340> a<00:14:36.370> pre-existing 00:14:36.690 --> 00:14:36.700 align:start position:0% or who don't have a pre-existing 00:14:36.700 --> 00:14:38.580 align:start position:0% or who don't have a pre-existing distrust<00:14:37.480> for<00:14:37.600> the<00:14:37.840> institution's<00:14:38.350> around 00:14:38.580 --> 00:14:38.590 align:start position:0% distrust for the institution's around 00:14:38.590 --> 00:14:40.590 align:start position:0% distrust for the institution's around them<00:14:38.820> how<00:14:39.820> well<00:14:40.030> does<00:14:40.180> this<00:14:40.300> culture 00:14:40.590 --> 00:14:40.600 align:start position:0% them how well does this culture 00:14:40.600 --> 00:14:42.510 align:start position:0% them how well does this culture perpetuate<00:14:41.080> itself<00:14:41.380> rather<00:14:41.920> than<00:14:42.040> maligning 00:14:42.510 --> 00:14:42.520 align:start position:0% perpetuate itself rather than maligning 00:14:42.520 --> 00:14:46.470 align:start position:0% perpetuate itself rather than maligning the<00:14:42.730> original<00:14:43.150> vision<00:14:43.300> of<00:14:43.480> Satoshi<00:14:44.910> so<00:14:45.910> in<00:14:46.180> my 00:14:46.470 --> 00:14:46.480 align:start position:0% the original vision of Satoshi so in my 00:14:46.480 --> 00:14:47.850 align:start position:0% the original vision of Satoshi so in my opinion<00:14:46.840> these<00:14:47.110> are<00:14:47.170> the<00:14:47.410> three<00:14:47.680> main 00:14:47.850 --> 00:14:47.860 align:start position:0% opinion these are the three main 00:14:47.860 --> 00:14:49.650 align:start position:0% opinion these are the three main problems<00:14:48.280> which<00:14:48.760> still<00:14:49.060> exist<00:14:49.330> for<00:14:49.450> us<00:14:49.480> to 00:14:49.650 --> 00:14:49.660 align:start position:0% problems which still exist for us to 00:14:49.660 --> 00:14:51.330 align:start position:0% problems which still exist for us to solve<00:14:49.870> today<00:14:50.020> and<00:14:50.380> what's<00:14:50.920> really<00:14:51.070> exciting 00:14:51.330 --> 00:14:51.340 align:start position:0% solve today and what's really exciting 00:14:51.340 --> 00:14:52.770 align:start position:0% solve today and what's really exciting is<00:14:51.700> that<00:14:51.730> we<00:14:51.850> can<00:14:52.120> actually<00:14:52.240> start<00:14:52.570> solving 00:14:52.770 --> 00:14:52.780 align:start position:0% is that we can actually start solving 00:14:52.780 --> 00:14:55.910 align:start position:0% is that we can actually start solving them<00:14:53.050> right<00:14:53.290> now<00:14:53.440> in<00:14:53.740> the<00:14:53.860> etherium<00:14:54.250> ecosystem 00:14:55.910 --> 00:14:55.920 align:start position:0% them right now in the etherium ecosystem 00:14:55.920 --> 00:14:59.130 align:start position:0% them right now in the etherium ecosystem number<00:14:56.920> one<00:14:57.070> if<00:14:57.700> I<00:14:57.850> have<00:14:57.940> a<00:14:58.000> token<00:14:58.240> and<00:14:58.570> I<00:14:58.780> have 00:14:59.130 --> 00:14:59.140 align:start position:0% number one if I have a token and I have 00:14:59.140 --> 00:15:01.170 align:start position:0% number one if I have a token and I have a<00:14:59.170> set<00:14:59.410> of<00:14:59.500> goals<00:14:59.650> how<00:15:00.400> do<00:15:00.460> I<00:15:00.580> intelligently 00:15:01.170 --> 00:15:01.180 align:start position:0% a set of goals how do I intelligently 00:15:01.180 --> 00:15:03.330 align:start position:0% a set of goals how do I intelligently disperse<00:15:01.630> those<00:15:01.840> tokens<00:15:02.290> either<00:15:02.560> in<00:15:02.830> protocol 00:15:03.330 --> 00:15:03.340 align:start position:0% disperse those tokens either in protocol 00:15:03.340 --> 00:15:05.040 align:start position:0% disperse those tokens either in protocol or<00:15:03.580> outside<00:15:03.970> of<00:15:04.090> the<00:15:04.150> protocol<00:15:04.570> to<00:15:04.960> help 00:15:05.040 --> 00:15:05.050 align:start position:0% or outside of the protocol to help 00:15:05.050 --> 00:15:07.500 align:start position:0% or outside of the protocol to help achieve<00:15:05.380> my<00:15:05.530> goals<00:15:06.210> personally<00:15:07.210> this<00:15:07.330> is 00:15:07.500 --> 00:15:07.510 align:start position:0% achieve my goals personally this is 00:15:07.510 --> 00:15:08.790 align:start position:0% achieve my goals personally this is something<00:15:07.780> I've<00:15:07.900> really<00:15:08.140> been<00:15:08.380> interested<00:15:08.740> in 00:15:08.790 --> 00:15:08.800 align:start position:0% something I've really been interested in 00:15:08.800 --> 00:15:10.290 align:start position:0% something I've really been interested in for<00:15:09.040> quite<00:15:09.160> a<00:15:09.220> long<00:15:09.400> time<00:15:09.550> and<00:15:09.850> when<00:15:10.270> I 00:15:10.290 --> 00:15:10.300 align:start position:0% for quite a long time and when I 00:15:10.300 --> 00:15:11.460 align:start position:0% for quite a long time and when I actually<00:15:10.510> found<00:15:10.750> out<00:15:10.930> a<00:15:10.960> project<00:15:11.140> called 00:15:11.460 --> 00:15:11.470 align:start position:0% actually found out a project called 00:15:11.470 --> 00:15:15.420 align:start position:0% actually found out a project called bounties<00:15:11.770> Network<00:15:12.040> to<00:15:12.190> try<00:15:12.370> and<00:15:12.490> solve<00:15:14.430> number 00:15:15.420 --> 00:15:15.430 align:start position:0% bounties Network to try and solve number 00:15:15.430 --> 00:15:17.490 align:start position:0% bounties Network to try and solve number two<00:15:15.610> if<00:15:16.120> I<00:15:16.300> have<00:15:16.450> a<00:15:16.480> token<00:15:16.750> and<00:15:17.020> a<00:15:17.080> platform 00:15:17.490 --> 00:15:17.500 align:start position:0% two if I have a token and a platform 00:15:17.500 --> 00:15:19.290 align:start position:0% two if I have a token and a platform that<00:15:17.650> creates<00:15:17.980> value<00:15:18.160> for<00:15:18.490> people<00:15:18.640> how<00:15:19.150> do<00:15:19.210> I 00:15:19.290 --> 00:15:19.300 align:start position:0% that creates value for people how do I 00:15:19.300 --> 00:15:20.640 align:start position:0% that creates value for people how do I capture<00:15:19.600> some<00:15:19.930> of<00:15:19.960> that<00:15:20.110> value<00:15:20.260> to 00:15:20.640 --> 00:15:20.650 align:start position:0% capture some of that value to 00:15:20.650 --> 00:15:22.260 align:start position:0% capture some of that value to sustainably<00:15:21.190> maintain<00:15:21.610> the<00:15:21.760> inflow<00:15:22.090> of<00:15:22.120> money 00:15:22.260 --> 00:15:22.270 align:start position:0% sustainably maintain the inflow of money 00:15:22.270 --> 00:15:27.150 align:start position:0% sustainably maintain the inflow of money into<00:15:22.750> the<00:15:22.840> ecosystem<00:15:23.460> and<00:15:25.110> number<00:15:26.110> three<00:15:26.350> if<00:15:26.980> I 00:15:27.150 --> 00:15:27.160 align:start position:0% into the ecosystem and number three if I 00:15:27.160 --> 00:15:29.220 align:start position:0% into the ecosystem and number three if I have<00:15:27.370> a<00:15:27.400> set<00:15:27.640> of<00:15:27.670> goals<00:15:27.850> and<00:15:28.030> values<00:15:28.180> how<00:15:28.990> do<00:15:29.050> I 00:15:29.220 --> 00:15:29.230 align:start position:0% have a set of goals and values how do I 00:15:29.230 --> 00:15:30.960 align:start position:0% have a set of goals and values how do I intentionally<00:15:29.860> create<00:15:30.250> a<00:15:30.280> culture<00:15:30.670> that 00:15:30.960 --> 00:15:30.970 align:start position:0% intentionally create a culture that 00:15:30.970 --> 00:15:33.360 align:start position:0% intentionally create a culture that embodies<00:15:31.390> them<00:15:31.600> that<00:15:32.500> draws<00:15:32.740> in<00:15:32.950> as<00:15:33.100> many 00:15:33.360 --> 00:15:33.370 align:start position:0% embodies them that draws in as many 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00:15:45.400 --> 00:15:45.410 align:start position:0% most of them have to do with humans with 00:15:45.410 --> 00:15:47.079 align:start position:0% most of them have to do with humans with an<00:15:45.529> understanding<00:15:46.069> of<00:15:46.100> how<00:15:46.670> people<00:15:46.730> behave 00:15:47.079 --> 00:15:47.089 align:start position:0% an understanding of how people behave 00:15:47.089 --> 00:15:48.900 align:start position:0% an understanding of how people behave and<00:15:47.300> how<00:15:47.540> people<00:15:47.870> think<00:15:48.110> these<00:15:48.709> are 00:15:48.900 --> 00:15:48.910 align:start position:0% and how people think these are 00:15:48.910 --> 00:15:50.499 align:start position:0% and how people think these are sociological<00:15:49.910> problems<00:15:50.269> they're<00:15:50.480> not 00:15:50.499 --> 00:15:50.509 align:start position:0% sociological problems they're not 00:15:50.509 --> 00:15:53.530 align:start position:0% sociological problems they're not technological<00:15:51.350> problems<00:15:51.740> and<00:15:52.329> while<00:15:53.329> this 00:15:53.530 --> 00:15:53.540 align:start position:0% technological problems and while this 00:15:53.540 --> 00:15:55.509 align:start position:0% technological problems and while this might<00:15:53.720> worrisome<00:15:54.250> thankfully<00:15:55.250> we<00:15:55.399> have 00:15:55.509 --> 00:15:55.519 align:start position:0% might worrisome thankfully we have 00:15:55.519 --> 00:15:57.309 align:start position:0% might worrisome thankfully we have events<00:15:55.759> like<00:15:55.879> this<00:15:56.000> one<00:15:56.180> which<00:15:56.870> bring<00:15:57.199> us 00:15:57.309 --> 00:15:57.319 align:start position:0% events like this one which bring us 00:15:57.319 --> 00:15:59.429 align:start position:0% events like this one which bring us together<00:15:57.470> and<00:15:57.889> help<00:15:58.220> us<00:15:58.339> build<00:15:58.490> a<00:15:58.639> culture<00:15:58.939> and 00:15:59.429 --> 00:15:59.439 align:start position:0% together and help us build a culture and 00:15:59.439 --> 00:16:01.929 align:start position:0% together and help us build a culture and so<00:16:00.439> we're<00:16:00.829> increasingly<00:16:01.399> seeing<00:16:01.759> that 00:16:01.929 --> 00:16:01.939 align:start position:0% so we're increasingly seeing that 00:16:01.939 --> 00:16:03.639 align:start position:0% so we're increasingly seeing that developers<00:16:02.420> in<00:16:02.540> our<00:16:02.660> ecosystem<00:16:03.230> are<00:16:03.410> waking 00:16:03.639 --> 00:16:03.649 align:start position:0% developers in our ecosystem are waking 00:16:03.649 --> 00:16:05.949 align:start position:0% developers in our ecosystem are waking up<00:16:03.829> to<00:16:03.889> the<00:16:04.009> fact<00:16:04.100> that<00:16:04.399> they<00:16:05.029> don't<00:16:05.480> have<00:16:05.810> all 00:16:05.949 --> 00:16:05.959 align:start position:0% up to the fact that they don't have all 00:16:05.959 --> 00:16:08.019 align:start position:0% up to the fact that they don't have all the<00:16:06.079> answers<00:16:06.110> that<00:16:06.649> the<00:16:07.279> hard<00:16:07.430> protocols<00:16:07.879> are 00:16:08.019 --> 00:16:08.029 align:start position:0% the answers that the hard protocols are 00:16:08.029 --> 00:16:09.850 align:start position:0% the answers that the hard protocols are only<00:16:08.180> half<00:16:08.389> the<00:16:08.509> story<00:16:08.569> that<00:16:09.290> scalability 00:16:09.850 --> 00:16:09.860 align:start position:0% only half the story that scalability 00:16:09.860 --> 00:16:11.650 align:start position:0% only half the story that scalability doesn't<00:16:10.279> matter<00:16:10.399> if<00:16:10.670> we<00:16:11.029> don't<00:16:11.180> have<00:16:11.300> users 00:16:11.650 --> 00:16:11.660 align:start position:0% doesn't matter if we don't have users 00:16:11.660 --> 00:16:13.900 align:start position:0% doesn't matter if we don't have users and<00:16:11.899> that<00:16:12.259> the<00:16:12.379> soft<00:16:12.620> protocol<00:16:13.100> protocol 00:16:13.900 --> 00:16:13.910 align:start position:0% and that the soft protocol protocol 00:16:13.910 --> 00:16:15.670 align:start position:0% and that the soft protocol protocol developers<00:16:14.420> are<00:16:14.779> still<00:16:15.050> needed<00:16:15.379> to<00:16:15.529> aid<00:16:15.649> our 00:16:15.670 --> 00:16:15.680 align:start position:0% developers are still needed to aid our 00:16:15.680 --> 00:16:17.889 align:start position:0% developers are still needed to aid our mission<00:16:16.189> if<00:16:16.339> we're<00:16:16.699> gonna<00:16:16.790> make<00:16:17.000> crypto<00:16:17.449> the 00:16:17.889 --> 00:16:17.899 align:start position:0% mission if we're gonna make crypto the 00:16:17.899 --> 00:16:20.369 align:start position:0% mission if we're gonna make crypto the global<00:16:18.199> phenomenon<00:16:18.709> that<00:16:18.860> we<00:16:18.980> want<00:16:19.160> it<00:16:19.220> to<00:16:19.310> be 00:16:20.369 --> 00:16:20.379 align:start position:0% global phenomenon that we want it to be 00:16:20.379 --> 00:16:23.319 align:start position:0% global phenomenon that we want it to be so<00:16:21.379> for<00:16:22.339> anyone<00:16:22.639> sitting<00:16:22.850> out<00:16:23.029> there<00:16:23.149> in<00:16:23.209> the 00:16:23.319 --> 00:16:23.329 align:start position:0% so for anyone sitting out there in the 00:16:23.329 --> 00:16:25.600 align:start position:0% so for anyone sitting out there in the crowd<00:16:23.509> with<00:16:24.230> a<00:16:24.259> set<00:16:24.500> of<00:16:24.589> dreams<00:16:24.769> or<00:16:25.160> some<00:16:25.430> goals 00:16:25.600 --> 00:16:25.610 align:start position:0% crowd with a set of dreams or some goals 00:16:25.610 --> 00:16:26.889 align:start position:0% crowd with a set of dreams or some goals you<00:16:25.790> really<00:16:26.000> want<00:16:26.149> to<00:16:26.209> accomplish<00:16:26.420> I 00:16:26.889 --> 00:16:26.899 align:start position:0% you really want to accomplish I 00:16:26.899 --> 00:16:29.199 align:start position:0% you really want to accomplish I encourage<00:16:27.560> you<00:16:27.740> to<00:16:27.769> think<00:16:27.980> big<00:16:28.459> and<00:16:28.670> to<00:16:28.759> be 00:16:29.199 --> 00:16:29.209 align:start position:0% encourage you to think big and to be 00:16:29.209 --> 00:16:30.819 align:start position:0% encourage you to think big and to be intentional<00:16:29.750> about<00:16:30.230> the<00:16:30.290> way<00:16:30.439> you<00:16:30.500> build<00:16:30.740> a 00:16:30.819 --> 00:16:30.829 align:start position:0% intentional about the way you build a 00:16:30.829 --> 00:16:32.980 align:start position:0% intentional about the way you build a culture<00:16:30.980> around<00:16:31.430> your<00:16:31.550> movement<00:16:31.910> it<00:16:32.689> might<00:16:32.870> be 00:16:32.980 --> 00:16:32.990 align:start position:0% culture around your movement it might be 00:16:32.990 --> 00:16:34.679 align:start position:0% culture around your movement it might be the<00:16:33.110> most<00:16:33.290> important<00:16:33.649> thing<00:16:33.769> that<00:16:33.920> we<00:16:34.009> can<00:16:34.160> do 00:16:34.679 --> 00:16:34.689 align:start position:0% the most important thing that we can do 00:16:34.689 --> 00:16:37.520 align:start position:0% the most important thing that we can do thank<00:16:35.689> you 00:16:37.520 --> 00:16:37.530 align:start position:0% thank you 00:16:37.530 --> 00:16:42.999 align:start position:0% thank you [Applause] 00:16:42.999 --> 00:16:43.009 align:start position:0% [Applause] 00:16:43.009 --> 00:16:44.800 align:start position:0% [Applause] one<00:16:43.670> of<00:16:43.759> the<00:16:43.819> values<00:16:44.060> that<00:16:44.180> I<00:16:44.240> think<00:16:44.300> is<00:16:44.569> really 00:16:44.800 --> 00:16:44.810 align:start position:0% one of the values that I think is really 00:16:44.810 --> 00:16:46.900 align:start position:0% one of the values that I think is really important<00:16:45.230> is<00:16:45.350> giving<00:16:45.620> people<00:16:45.769> credit<00:16:46.009> an 00:16:46.900 --> 00:16:46.910 align:start position:0% important is giving people credit an 00:16:46.910 --> 00:16:48.699 align:start position:0% important is giving people credit an attribution<00:16:47.389> when<00:16:47.660> they<00:16:47.750> help<00:16:47.959> there's<00:16:48.649> a 00:16:48.699 --> 00:16:48.709 align:start position:0% attribution when they help there's a 00:16:48.709 --> 00:16:50.170 align:start position:0% attribution when they help there's a long<00:16:48.949> list<00:16:49.160> of<00:16:49.310> people<00:16:49.459> here<00:16:49.790> I'm<00:16:49.910> going<00:16:50.000> to<00:16:50.060> go 00:16:50.170 --> 00:16:50.180 align:start position:0% long list of people here I'm going to go 00:16:50.180 --> 00:16:51.579 align:start position:0% long list of people here I'm going to go through<00:16:50.420> who<00:16:50.630> actually<00:16:50.779> without<00:16:51.230> whom<00:16:51.470> this 00:16:51.579 --> 00:16:51.589 align:start position:0% through who actually without whom this 00:16:51.589 --> 00:16:52.660 align:start position:0% through who actually without whom this talk<00:16:51.800> wouldn't<00:16:52.040> have<00:16:52.130> been<00:16:52.220> possible 00:16:52.660 --> 00:16:52.670 align:start position:0% talk wouldn't have been possible 00:16:52.670 --> 00:16:55.059 align:start position:0% talk wouldn't have been possible Joe<00:16:53.120> Luba<00:16:53.480> and<00:16:53.509> Jesse<00:16:53.870> grew<00:16:54.019> shack<00:16:54.290> and<00:16:54.560> eat<00:16:54.920> at 00:16:55.059 --> 00:16:55.069 align:start position:0% Joe Luba and Jesse grew shack and eat at 00:16:55.069 --> 00:16:56.920 align:start position:0% Joe Luba and Jesse grew shack and eat at hope<00:16:55.250> Simona<00:16:55.670> and<00:16:55.759> Corwin<00:16:56.209> my<00:16:56.389> teammates<00:16:56.779> and 00:16:56.920 --> 00:16:56.930 align:start position:0% hope Simona and Corwin my teammates and 00:16:56.930 --> 00:16:59.710 align:start position:0% hope Simona and Corwin my teammates and cofounders<00:16:57.439> of<00:16:57.470> ake<00:16:58.040> Singh<00:16:58.310> Joe<00:16:58.880> bender<00:16:59.209> Eva 00:16:59.710 --> 00:16:59.720 align:start position:0% cofounders of ake Singh Joe bender Eva 00:16:59.720 --> 00:17:02.319 align:start position:0% cofounders of ake Singh Joe bender Eva Balin<00:17:00.050> of<00:17:00.560> course<00:17:00.800> my<00:17:00.920> mom<00:17:01.100> and<00:17:01.819> many<00:17:02.089> many 00:17:02.319 --> 00:17:02.329 align:start position:0% Balin of course my mom and many many 00:17:02.329 --> 00:17:04.449 align:start position:0% Balin of course my mom and many many more<00:17:02.569> who<00:17:02.959> helped<00:17:03.199> me<00:17:03.290> actually<00:17:03.500> come<00:17:04.309> up<00:17:04.339> with 00:17:04.449 --> 00:17:04.459 align:start position:0% more who helped me actually come up with 00:17:04.459 --> 00:17:05.919 align:start position:0% more who helped me actually come up with many<00:17:04.730> of<00:17:04.850> the<00:17:04.939> ideas<00:17:05.209> that<00:17:05.299> are<00:17:05.449> in<00:17:05.600> this<00:17:05.720> talk 00:17:05.919 --> 00:17:05.929 align:start position:0% many of the ideas that are in this talk 00:17:05.929 --> 00:17:07.929 align:start position:0% many of the ideas that are in this talk many<00:17:06.770> of<00:17:06.949> the<00:17:07.069> actions<00:17:07.400> that<00:17:07.669> I'm<00:17:07.760> talking 00:17:07.929 --> 00:17:07.939 align:start position:0% many of the actions that I'm talking 00:17:07.939 --> 00:17:10.419 align:start position:0% many of the actions that I'm talking about<00:17:08.150> weren't<00:17:08.539> mine<00:17:08.750> and<00:17:09.530> I<00:17:09.890> think<00:17:10.189> there's<00:17:10.370> a 00:17:10.419 --> 00:17:10.429 align:start position:0% about weren't mine and I think there's a 00:17:10.429 --> 00:17:12.189 align:start position:0% about weren't mine and I think there's a lot<00:17:10.610> of<00:17:10.640> other<00:17:10.789> much<00:17:11.390> smarter<00:17:11.750> people<00:17:11.870> in<00:17:12.079> our 00:17:12.189 --> 00:17:12.199 align:start position:0% lot of other much smarter people in our 00:17:12.199 --> 00:17:13.329 align:start position:0% lot of other much smarter people in our community<00:17:12.559> who<00:17:12.679> already<00:17:12.829> know<00:17:13.039> that<00:17:13.069> this<00:17:13.280> is 00:17:13.329 --> 00:17:13.339 align:start position:0% community who already know that this is 00:17:13.339 --> 00:17:17.649 align:start position:0% community who already know that this is this<00:17:13.850> is<00:17:13.939> the<00:17:14.059> case<00:17:15.220> but<00:17:16.220> with<00:17:16.370> that<00:17:16.520> I<00:17:16.909> think<00:17:17.360> I 00:17:17.649 --> 00:17:17.659 align:start position:0% this is the case but with that I think I 00:17:17.659 --> 00:17:19.449 align:start position:0% this is the case but with that I think I have<00:17:17.839> two<00:17:18.140> and<00:17:18.289> a<00:17:18.319> half<00:17:18.470> minutes<00:17:18.829> so<00:17:18.919> if 00:17:19.449 --> 00:17:19.459 align:start position:0% have two and a half minutes so if 00:17:19.459 --> 00:17:21.159 align:start position:0% have two and a half minutes so if anybody<00:17:19.970> has<00:17:20.030> any<00:17:20.179> questions<00:17:20.720> I<00:17:21.049> think 00:17:21.159 --> 00:17:21.169 align:start position:0% anybody has any questions I think 00:17:21.169 --> 00:17:22.799 align:start position:0% anybody has any questions I think there's<00:17:21.380> a<00:17:21.470> mic<00:17:21.620> in<00:17:21.770> the<00:17:21.860> middle<00:17:22.039> of<00:17:22.100> the<00:17:22.159> room 00:17:22.799 --> 00:17:22.809 align:start position:0% there's a mic in the middle of the room 00:17:22.809 --> 00:17:25.600 align:start position:0% there's a mic in the middle of the room otherwise<00:17:23.809> I'll<00:17:23.990> be<00:17:24.140> around<00:17:24.470> to<00:17:24.980> chat<00:17:25.459> about 00:17:25.600 --> 00:17:25.610 align:start position:0% otherwise I'll be around to chat about 00:17:25.610 --> 00:17:29.000 align:start position:0% otherwise I'll be around to chat about this<00:17:25.819> at<00:17:25.970> length 00:17:29.000 --> 00:17:29.010 align:start position:0% 00:17:29.010 --> 00:17:37.620 align:start position:0% [Applause] 00:17:37.620 --> 00:17:37.630 align:start position:0% 00:17:37.630 --> 00:17:39.690 align:start position:0% you